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Issue:
4897
/
Categories:
Comment & Analysis
, cars
, Chattels exemption
, Capital Gains
, Inheritance Tax
, VAT
An automotive work of art
Key points
- The popularity of classic car shows demonstrates their popularity as art assets and investors are increasingly considering classic cars as investments.
- Classic cars are mechanical assets with a limited life and therefore come with some tax exemptions and reliefs for owners.
- Where a car appreciates in value any gains realised are non-taxable. Conversely where cars as sold at a loss no relief will be available on these disposals.
- Where a car is gifted it will be subject to tax depending on the circumstances.
- Generally the sale of non-wasting chattels is subject to capital gains tax – with a few exceptions.
- Vehicles which are considered of historical interest are not liable for any import duty and are subject to reduced VAT.
Classic cars are more than simply transport for the owner; they can also reflect the individual’s personality. Many investors see classic cars as...
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