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Old 15-03-2018, 06:19 PM
RobSTI RobSTI is offline
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Join Date: Mar 2018
Location: Oxfordshire
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Hi all

Recently bought a '56 WRX, so decided to join you lot here Got a question about tax I can't figure out. I work part time and earn just under the basic income tax band, however I sold my previous car for £4500. According to this calculator it'll put me into the basic tax band. Will the sale count as income? Do I need to declare this to HMRC? Hoping someone here will know & can help me. Thanks in advance!

Rob
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Old 15-03-2018, 07:00 PM
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Banstead Stig Banstead Stig is offline
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Unless you trade in cars and sold your car as part of that trade, it shouldn't be income.

s.263 TCGA 1992 exempts passenger vehicles from capital gains tax, so you needn't worry about that either.

So I don't think you've got to worry.
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