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Importing and paying Tax

  • 23-10-2006 7:22pm
    #1
    Ronanom
    Closed Accounts Posts: 407 ✭✭


    Can anyone send me in the right direction (link of otherwise) for paying tax when selling on a car for profit?


Comments

  • #2
    SGKM
    Registered Users, Registered Users 2 Posts: 207 ✭✭SGKM


    I just did this in taxation class today! :) I presume you mean that you arent a trader. If you're an indivual selling on a car at a profit you are exempt from capital gains tax because cars are regarded as a wasting asset to the revenue.


  • #3
    Ronanom
    Closed Accounts Posts: 407 ✭✭Ronanom


    SGKM wrote:
    I just did this in taxation class today! :) I presume you mean that you arent a trader. If you're an indivual selling on a car at a profit you are exempt from capital gains tax because cars are regarded as a wasting asset to the revenue.

    I'm sure you have to pay something....You couldnt keep doing it and get away without paying any capital gains / tax...


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,579 ✭✭✭✭Victor


    Ronanom wrote:
    I'm sure you have to pay something....You couldnt keep doing it and get away without paying any capital gains / tax...
    You would then be a trader and subject to a different regime.

    If its a one off, not one of a series, there is no CGT.

    Question, did you do any major improvements or is it an antique?


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