CGT and inheritence

No such rule for CGT. It still exists for IHT.

A capital gain is recognised immediately an inflated property (except when of a type which is exempt, such as gilts, original life insurance policies, commonly used types of motor vehicles, principal residences, wasting assets, PEPs, ISAs etc) is disposed of, whether by sale or gift.

Tony

I thought all motor vehicles were exempt.

Rob Graham

GCT/FS1 says "your private car" but I believe the underlying regulation speak of "motor vehicles of types commonly used as, and suitable to be used as, private vehicles for passenger travel". I guess this wording prevents someone from claiming that a vehicle fabricated using bullion and gems and papered with bearer bonds will escape taxation.

Tony

It also means non-private cars, e.g. taxis or business vans etc, are not exempt and therefore losses on them qualify for relief.

The main reason private cars are exempt is to disqualify them from loss relief.

In message of Tue, 12 Aug 2003, Allan Gould writes

^^^^^^^

DF

In message , David Floyd writes

In message of Tue, 12 Aug 2003, john boyle writes

Quite right. Apologies. DF