CGT for sale of classic tractor

nagsheader · 2017-08-07 08:19:22

Grandfather has gifted me a vintage tractor worth somewhere in the region of 12,000. Do I have to pay capital gains tax if I decide to sell it. I am not a dealer or in the motor trade. Thanks in advance!

07-08-2017 09:19AM

#1

nagsheader

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Grandfather has gifted me a vintage tractor worth somewhere in the region of 12,000. Do I have to pay capital gains tax if I decide to sell it. I am not a dealer or in the motor trade.

Thanks in advance!

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Comments

#2 07-08-2017 09:36AM

Atlantic Dawn

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GDY151

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Current threshold is €32,500 from a grandparent to grandchild so no.

On a side note if you were liable it wouldn't matter whether you sold it or not you would have to pay the tax based on its value when you inherited it.

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#3 07-08-2017 09:54AM

Geuze

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The OP asked about CGT on the sale of an asset.

Your answer referred to CAT thresholds.

You confused two taxes. OP asked about CGT on the sale of an asset, not CAT.

The actual answer depends on whether a vintage tractor is an asset possibly liable to CGT on disposal.

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