Chargeable Gain - Please Help
Pjdav
Registered Posts: 27
in Personal Tax
Hi all, can someone please tell me why a car used solely for business purposes is exempt from chargeable assets?. I thought motor vehicles for private use only are exempt not business.
Thank you
Thank you
0
Comments
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TCGA92s263 states that:
A mechanically propelled road vehicle constructed or adapted for the carriage of passengers, except for a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used, shall not be a chargeable asset; and accordingly no chargeable gain or allowable loss shall accrue on its disposal.
There is no mention of whether the use is business or private
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