Hi
After a few years of riding my CB150R I'm looking to sell it and upgrade (I know it's a huge jump in power but an sv650 is very tempting - reason for my joining!). However I'm a little unsure about income tax - I was given the bike from family (brother and parents pooled money to get it as my first bike) - and so paid nothing for it so would be profiting from selling it. Looking at this tax tool (
www.income-tax.co.uk)if it counts as income it should cost me something like £1000 in tax on the sale. Is this the case or do I not pay any tax on it at all? Never sold anything this valuable so not really sure what to do. Thanks for any replies