Hi! + not remotely on topic question

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KBake
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Hi! + not remotely on topic question

Post by KBake » Tue Jun 12, 2018 7:06 pm

Hey! :) Hope you're all having a wonderful evening.

My question - I've just sold my car and got a £7500 cheque - I am concerned if this is taxable or not? It will be going straight into the deposit for my next car so financing it is super cheap (probably not the best deal but I desperately needed the new car due to space). Will I need to do a self return? I've looked at this salary tax calculator but can't for the life of me figure it out. Am I missing something?

Not sure if I'll get any replies for that here, but it's worth a shot :P

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jimmy brayks
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Re: Hi! + not remotely on topic question

Post by jimmy brayks » Wed Jun 20, 2018 5:41 pm

Wow that is so random.

But no you don't need to pay tax, specifically capital gains tax, on a car, unless you have used it for business.

https://www.gov.uk/capital-gains-tax-pe ... ossessions
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