Discussion
CloudStuff said:
Cheib said:
Jules 1 said:
I’ve still got my RS WP purchased from new by me at PRG, heading for a 2 year service next week. I don’t think the FCA would take kindly to any restrictive covenants being imposed by Porsche on UK customers!
FCA doesn’t regulate the used car market….The reason Porsche GB doesn’t get involved is that the customers are customers of the OPC’s not Porsche GB (apart from the Porsche GB owned OPC’s). Porsche GB can and do tell OPC’s they will lose bonus payments if they sell cars to certain customers e.g. those that are brokers who immediately export cars to other RHD markets but I don’t think Porsche GB can tell the OPC’s who they can sell cars too.
No they don't regulate the market itself, but they do regulate the financing of used car purchases, though?
I am sure Porsche has an analysis somewhere how many cars they sold primarily because people were trying to build a relationship. I suspect it is quite a large number. I believe Ferrari even set up a points system tracking all marque related stuff to rank people (cars bought, finance taken, racing, attending events etc all flows into the system I think)
paul0843 said:
Revenue could tax flippers on profit,but would then have to also refund on depreciation and losses.
Don’t think it would suit them to go down that route.
Most flippers don't flip cars in the course of a trade though even though there may be some regularity it is a very grey area indeed and difficult to prove and there are many factors to consider and hurdles to jump before you can even be considered a trader rather than a serial car buyer for a hobby. Many private car lovers chop and change their cars on a regular basis often selling at a profit but there would be no tax liability whatsoever as privately owned cars are exempt. Don’t think it would suit them to go down that route.
av185 said:
Most flippers don't flip cars in the course of a trade though even though there may be some regularity it is a very grey area indeed and difficult to prove and there are many factors to consider and hurdles to jump before you can even be considered a trader rather than a serial car buyer for a hobby. Many private car lovers chop and change their cars on a regular basis often selling at a profit but there would be no tax liability whatsoever as privately owned cars are exempt.
A capital gain is a capital gain, whatever the asset.Yellow491 said:
Jim1556 said:
Yellow491 said:
good luck to them and hmrc to clamp down on them.
Don't think hmrc can touch used car sales? Cheib said:
Regulating the financing of cars has got bugger all to do with regulating how cars are sold, who they are sold to or the terms they are sold on. Whether a contract forbidding you to sell a car for two years or who you sell it too is nothing to do with them.
Even an idiot such as myself could draw a up a legally 100% watertight affidavit to the effect that the supplying OPC has 'first right refusal' on any sale of a GT product at what ever price they decide within two years. The flippers cars are nearly always sold through the supplying OPC's showroom on a SORN basis then split the profit.Digga said:
av185 said:
Most flippers don't flip cars in the course of a trade though even though there may be some regularity it is a very grey area indeed and difficult to prove and there are many factors to consider and hurdles to jump before you can even be considered a trader rather than a serial car buyer for a hobby. Many private car lovers chop and change their cars on a regular basis often selling at a profit but there would be no tax liability whatsoever as privately owned cars are exempt.
A capital gain is a capital gain, whatever the asset.What could open another can of worms is if a Dp was in cahoots with some one to enable both parties to gain On a regular basis.
Digga said:
A capital gain is a capital gain, whatever the asset.
From the gov.uk website:"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
anything with a limited lifespan, eg clocks - unless used for business"
Seems fairly black & white - but as said above, if there is a serial history, then it may be possible - but I doubt HRMC would be interested unless it was for a substantial amount...
Jim1556 said:
From the gov.uk website:
"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
anything with a limited lifespan, eg clocks - unless used for business"
Seems fairly black & white - but as said above, if there is a serial history, then it may be possible - but I doubt HRMC would be interested unless it was for a substantial amount...
HMRC are not interested. They would never do this as they would have to allow losses on cars to be offset against gains. Do the maths - it would cost them an absolute fortune. Cars are wasting assets."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
anything with a limited lifespan, eg clocks - unless used for business"
Seems fairly black & white - but as said above, if there is a serial history, then it may be possible - but I doubt HRMC would be interested unless it was for a substantial amount...
I really like the look of the White 992GT3 is today's Evo mag. It works surprisingly well with all the contrasting Black parts. There is also an admission in the short Touring review that the early GT3 tests were pre-production cars which were universally criticised for have an overly busy front-end and harsh ride.
Nice to see Porsche listening to criticism and acting accordingly.
Nice to see Porsche listening to criticism and acting accordingly.
2010spy said:
Jim1556 said:
From the gov.uk website:
"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
anything with a limited lifespan, eg clocks - unless used for business"
Seems fairly black & white - but as said above, if there is a serial history, then it may be possible - but I doubt HRMC would be interested unless it was for a substantial amount...
HMRC are not interested. They would never do this as they would have to allow losses on cars to be offset against gains. Do the maths - it would cost them an absolute fortune. Cars are wasting assets."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
anything with a limited lifespan, eg clocks - unless used for business"
Seems fairly black & white - but as said above, if there is a serial history, then it may be possible - but I doubt HRMC would be interested unless it was for a substantial amount...
Exit: forgot art - obv also part of the asset class
MDL111 said:
Wouldn’t they just have to define specifically that losses on collectible cars can only be used and carried forward against gains on collectible cars. Could widen the definition to luxury/collectible goods such as cars, watches, jewelry, wine etc as overarching definition of the asset class. Am pretty sure there is even some annual study on collectible asset values to use as basis for what is classified as such.
Literally, the line above, on the same page, watches/jewellery MAY be subject to CGT:"What you pay it on
You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.
Possessions you may need to pay tax on include:
jewellery
paintings
antiques
coins and stamps
sets of things, eg matching vases or chessmen
You’ll need to work out your gain to find out whetheryou need to pay tax."
Personally, I think any 2nd hand goods should be tax exempt as tax was already paid by the original purchaser...
Jim1556 said:
MDL111 said:
Wouldn’t they just have to define specifically that losses on collectible cars can only be used and carried forward against gains on collectible cars. Could widen the definition to luxury/collectible goods such as cars, watches, jewelry, wine etc as overarching definition of the asset class. Am pretty sure there is even some annual study on collectible asset values to use as basis for what is classified as such.
Literally, the line above, on the same page, watches/jewellery MAY be subject to CGT:"What you pay it on
You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.
Possessions you may need to pay tax on include:
jewellery
paintings
antiques
coins and stamps
sets of things, eg matching vases or chessmen
You’ll need to work out your gain to find out whetheryou need to pay tax."
Personally, I think any 2nd hand goods should be tax exempt as tax was already paid by the original purchaser...
Jim1556 said:
Digga said:
A capital gain is a capital gain, whatever the asset.
From the gov.uk website:"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
anything with a limited lifespan, eg clocks - unless used for business"
Seems fairly black & white - but as said above, if there is a serial history, then it may be possible - but I doubt HRMC would be interested unless it was for a substantial amount...
Taffy66 said:
I really like the look of the White 992GT3 is today's Evo mag. It works surprisingly well with all the contrasting Black parts. There is also an admission in the short Touring review that the early GT3 tests were pre-production cars which were universally criticised for have an overly busy front-end and harsh ride.
Nice to see Porsche listening to criticism and acting accordingly.
These latest cars look like they have had the rear suspension raised or springs changed, by the pics you can get your hand between the tyre and arches now .Nice to see Porsche listening to criticism and acting accordingly.
Melvynr said:
These latest cars look like they have had the rear suspension raised or springs changed, by the pics you can get your hand between the tyre and arches now .
If that is indeed the case then i wonder what effect it would have had on the 992GT3's official Ring time. I am assuming the 6'59'' time was set on a pre-production GT3 with the more track focused harsher riding set up.. Marketing gurus are geniuses in collaboration with chassis engineers in creating ''smokes and mirrors''.Edited by Taffy66 on Sunday 8th August 12:20
Taffy66 said:
If that is indeed the case then i wonder what effect it would have had on the 992GT3's official Ring time. I am assuming the 6'59'' time was set on a pre-production GT3 with the more track focused harsher riding set up.. Marketing gurus are geniuses in collaboration with chassis engineers in creating ''smokes and mirrors''.
All the 992 GT3s I’ve seen appear to have the same rear ride height, if you measure the clearance between the rear wheel and wheel arch lip.Edited by Taffy66 on Sunday 8th August 12:20
As for the early press car noted to have a ‘busy’ front end, I can only presume that car was running the track setup of -2° front camber. Mine is measured at -1.55°. This difference alone would explain the quite different front end feel.
IREvans said:
All the 992 GT3s I’ve seen appear to have the same rear ride height, if you measure the clearance between the rear wheel and wheel arch lip.
As for the early press car noted to have a ‘busy’ front end, I can only presume that car was running the track setup of -2° front camber. Mine is measured at -1.55°. This difference alone would explain the quite different front end feel.
That's an interesting bit of info which explains the disparity between the early more track focused pre-production cars and customer cars. IIRC the first press tests were conduced exclusively on track and road driving was restricted to only some driving on the narrow perimeter roads. As for the early press car noted to have a ‘busy’ front end, I can only presume that car was running the track setup of -2° front camber. Mine is measured at -1.55°. This difference alone would explain the quite different front end feel.
Any reason you haven't posted your 992GT3's weight or did you not bother in the end.?
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