Oh and if you keep a car more than 3 months, you are not liable for tax on any profit you may happen to make when you sell it!
Steve
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This is the bit that genuinely interested me. Is this actually correct? Any car, even when registered in trade, and kept for over 3 months is not liable to be taxed on any profit made?
I don't see how this can be correct personally, but would be interested to know what anyone else knows about it? Surely, a profit is a profit, so taxable, no matter how long it takes to acquire?
I hope I'm wrong, as it'll save me paying quite a lot of tax in January!
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Buy car for oneself, keep at least three months, sell, make profit! Keep profit.
Buy car for trade purposes, keep any length of time, sell, make profit, tax on profit.
The difference is what you're doing with it, not the time you have it.
It's even more grey area than that but I am using a tablet so meh, not typing more.
