Classic Car Weekly  |  21st September 2016
UK GOVERNMENT WON'T RULE OUT CAPITAL GAINS TAX ON CLASSICS
Her Majesty’s Revenue and Customs (HMRC) has refused to scotch rumours that Capital Gains Tax is to be extended to classic cars. CCW approached the Government department to answer the question once and for all, and despite being given the opportunity to clear up this issue, it issued a firm ‘no comment’. Capital Gains Tax (CGT) is a tax on the profit when you sell an asset that’s increased in value. The amount gained is taxed, not the amount of money you receive.
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Articles in this issue
Below is a selection of articles in Classic Car Weekly 21st September 2016.