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#1 |
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Posts: n/a
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Hi
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#2 |
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Join Date: Jul 2003
Location: Hertfordshire
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Since when have you paid tax on gifts from family? Do you pay tax on cash given to you at Christmas?
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#3 |
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Join Date: May 2017
Location: Northern Ireland
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Nothing to worry about.
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#4 |
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Join Date: Jan 2017
Posts: 486
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What surprises me is a CB150R in the UK, its got to be something of a rarity and potentially quite difficult to sell.
As for the sale generating a £1000 tax bill, I don't recall ever seeing a 100% tax rate on anything. |
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#5 |
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As the others say, a normal everyday gift from family. Not something to go on your tax return unless you are in business and claimed for it as capital equipment etc., which I guess isn't the case.
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"Artificial Intelligence is no match for natural stupidity" |
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#6 |
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Join Date: Jun 2011
Location: Sunny Falkirk
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If you want a pedantic answer, the fact that it was a gift is of little relevance here in terms of whether it is taxable on disposal. As the OP says, he acquired it for nothing (his acquisition cost) and would be disposing of it for something, and so making a profit, or more accurately, a gain. More important is the fact that, assuming you are not in business selling bikes, income tax doesn't come into it. Capital Gains Tax could, were it not for the fact that a motorcycle is classed as a Chattel. Not only that, it is a machine, which means it is also classed as a wasting asset and so is exempt from Capital Gains Tax (assuming you haven't used it in business and claimed capital allowances).
Next week we'll take a look at Corporation Tax...
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. It's like, how much more black could this be? And the answer is none. None more black. |
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#7 |
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Good God Sputnik! I hope this is not your line in conversation at parties!
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#8 |
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Join Date: Jun 2011
Location: Sunny Falkirk
Posts: 441
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There’s a very good reason I don’t get many invites to parties!
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. It's like, how much more black could this be? And the answer is none. None more black. |
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