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bigduckontax
bigduckontax, Accountant
Category: Tax
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Is CGT payable on a gain when disposing of a "personal" car

Resolved Question:

Is CGT payable on a gain when disposing of a "personal" car registration number -1. If sold on a motor car?2. If sold on a Retention Certificate?
Submitted: 29 days ago.
Category: Tax
Expert:  bigduckontax replied 29 days ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Yes, these transactions are subject to CGT on any gain made. You do have an Annual Exempt Amount (AEA) of 11.3K to offset these gains.

I am so sorry to have to rain on your parade.

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Expert:  bigduckontax replied 29 days ago.

Thank you for your support.