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Selling my car. Company wants to do a bank transfer. CGT

  • 10-10-2020 5:39pm
    #1
    rekcaks
    Registered Users, Registered Users 2 Posts: 92 ✭✭


    I'm selling my car to a company. It's a classic car which has vastly gained in value over the 10 years I have owned it.

    Ive been offered a sum of money that I am happy to accept by a very reputable company.

    I do have an original receipt saying I paid less than 10k for the car.

    Obviously when the money is transferred to my bank account the bank will flag it with revenue.

    Having read the revenue website private cars are exempt from CGT. Do I have to apply for an exemption? What's the best course of action here?

    Any help appreciated.


Comments

  • #2
    ismat
    Registered Users, Registered Users 2 Posts: 168 ✭✭ismat


    There is no tax due so you don’t need to do anything


  • #3
    rekcaks
    Registered Users, Registered Users 2 Posts: 92 ✭✭rekcaks


    When Revenue come knocking on the door do I just explain that I sold my car?!


  • #4
    ismat
    Registered Users, Registered Users 2 Posts: 168 ✭✭ismat


    That’s exactly what you say ! It’s a wasting asset so it’s not subject to cgt. It’s very unlikely revenue will contact you in any case


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