Capital Gains Tax - Cherished Numbers

[bad company]

I own 2 valuable plates and thinking of selling. I know they’re subject to CGT but cars are not as they’re considered to be a ‘wasting asset’. So what’s to stop my from transferring the numbers to a couple of old cars and selling them?

Edited by bad company on Saturday 30th March 14:27

[Mr Pointy]

Because you'd make a trading profit on the sale of the vehicles?

[AdamIM]

100% the plate(attached to car) is considered an accessory (non standard) and its value is added to the value of the car and subject to CGT. Plenty of case law on this. If it were that easy

[ferret50]

So you sell the number plate attached to a banger for 6d and trouser several thousand for the plate?

Sounds dodgier than a dodgey thing...

[bad company]

AdamIM said:

100% the plate(attached to car) is considered an accessory (non standard) and its value is added to the value of the car and subject to CGT. Plenty of case law on this. If it were that easy

I’m sure that’s right or people would be doing that all the time. I’m just trying to get my head around paying so much in CGT.

[MitchT]

Possibly depends on the value of the plate and the car. Flogging a £5k car for £10k because there's a £5k plate attached might go under the radar. Flogging a £5k car for £100k because there's a £95k plate attached will probably raise an eyebrow.

[bad company]

MitchT said:

Possibly depends on the value of the plate and the car. Flogging a £5k car for £10k because there's a £5k plate attached might go under the radar. Flogging a £5k car for £100k because there's a £95k plate attached will probably raise an eyebrow.

I’d be in the latter category. That’s why I was trying to think around the issue.

[LiamD]

Or just pay the taxes owed without trying to avoid them

[fasimew]

LiamD said:

Or just pay the taxes owed without trying to avoid them

What sort of retard mentality is this?

[bad company]

LiamD said:

Or just pay the taxes owed without trying to avoid them

I’ll try whatever I can to legally minimise my tax liability. You look after your money, I’ll look after mine.