Selling current car - income tax concerns?

[Rigand]

Hello I'm looking to sell my current car, a Fiesta, and move on to (much) better things - currently looking at a W204 C350D and have two questions: Firstly, I'm not sure if I will be liable to pay tax on the income from selling the Fiesta, as I paid nothing for it so all the money I get from selling it will be "income". I've looked at sites such as this tax tool (UK Tax Calculator - After Tax) but can't figure it out. My second question - I understand the official mileage of the C350 diesel is 40-ish mpg, but I also understand it's a big engine making some decent power so not expecting it to be frugal. I will be doing mostly motorway miles so want something comfy and good for long rides - the C350 seems like a solid option.

Thanks in advance!

 

[kianok]

Who paid for the Fiesta?

How did you come to own it?

 

[moog999]

It's not income unless you get gifted a new car every month, then sell it.

Just sell it, put the money toward the new car and chill out.

 

[richard]

Pretty sure you are allowed to buy/sell X cars a year without tax. I think X is 4, but you need to check that !

 

[anglaslt]

What a co-incidence. Almost identical question raised on the other side except the "free" car is an Astra.

New poster too, what are the odds of that happening

 

[markmifsud]

Capital Gains Tax on personal possessions
When you don’t pay it
You don’t usually need to pay tax on gifts to your husband, wife, civil partner or a charity.

You don’t pay Capital Gains Tax on:

• your car - unless you’ve used it for business

 

[Haven't a clue!]

What a co-incidence. Almost identical question raised on the other side except the "free" car is an Astra.

New poster too, what are the odds of that happening

Well spotted, why do they bother doing it?

 

[GLK]

He forgot to mention, it's his first car and he's moving into higher income tax bracket as we speak ...
It is truly amazing, how the most benign endeavours are able to entertain a feeble mind.

 

[renault12ts]

Some one gave me a bar of chocolate today...I'm worried about selling it on...will it be taxable?

Stupid? Yep...like post 1 in this thread.

Troll. The most completely stupid question I have ever heard asked...ever.

 

[renault12ts]

What a co-incidence. Almost identical question raised on the other side except the "free" car is an Astra.

New poster too, what are the odds of that happening

Oh...I'm on it.

 

[E55BOF]

They walk among us... Well, mostly they don't, I believe; they sit alone in their rooms in their underpants in front of computers, but you get my gist. 'Long rides' are not something they have experience of...

 

[markjay]

I wonder if he's/she's a primary school teacher....?

Yes they come in all shapes and sizes....

 

[RonFleet]

Pretty sure you are allowed to buy/sell X cars a year without tax. I think X is 4, but you need to check that !

It used to be twelve cars per tax year.

 

[Bobby Dazzler]

they sit alone in their rooms in their underpants in front of computers, but you get my gist.

But we all do that. Don't we? We do, don't we? Don't we?

 

[219]

According to the link above , tax only applies to personal possessions valued over £6K , and then only on the profit made over the purchase price .
Also , equipment with a lifespan of less than 50 years , which they say applies to all mechanical devices , are exempt .
From my own point of view , why should be taxed when I sell something that I bought with my hard earned cash that I already paid tax on .
Obviously, if I make a living from buying and selling things for profit that is a different matter .

 

[Deleted member 65149]

That 1960 Fiesta could be worth a fortune, especially with it coming 16 years before the official launch by Ford. Perhaps the OP should be considering a new SLR McLaren

 

[Stratman]

If income tax were to be payable on any profit made selling your car, the corollary is that any loss would be tax deductible. Not just for you but for everyone.

 

[E55BOF]

But we all do that. Don't we? We do, don't we? Don't we?

I couldn't possibly comment....

 

[toolman1954]

something like this ??

 

[markjay]

That 1960 Fiesta could be worth a fortune, especially with it coming 16 years before the official launch by Ford. Perhaps the OP should be considering a new SLR McLaren

...or buy a DeLorean?