Commentary

C3.1814 CGT exempt assets—private motor cars

Capital gains tax
Capital gains tax | Commentary

C3.1814 CGT exempt assets—private motor cars

Capital gains tax | Commentary

C3.1814 CGT exempt assets—private motor cars

A mechanically propelled road vehicle constructed or adapted for the carriage of passengers is not a chargeable asset unless it is of a type not commonly used as a private vehicle and unsuitable to be so used1. Some guidance on borderline cases may be obtained from judgments relating to capital allowances, where a similar definition is included in the statutory provisions (see B3.342). The definition extends to vehicles which are likely to appreciate in value, such as vintage cars. HMRC states that vehicles outside the private motor car exemption include taxi cabs, racing cars,

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