Tax Cheats beware!

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Be interesting to see how this progresses… :thinking:

I’m planning to sell my 1976 Landrover which is a non-runner but eminently recoverable. I’ve had several offers already. If I succeed in selling it, should I declare the revenue for impot?

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It’s that a serious question? The answer is no. You should however ensure that all the paperwork for the sale is in order because if you sell it for a significant sum your bank may ask for proof of where the money came from. It’s also worth checking how much cash you are legally allowed to take when selling a vehicle, it might be €1000, as trying to pay thousands of pounds in cash into your bank account might well attract interest from the tax authorities.

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When selling… there is a figure above which one is supposed to declare…

I will message you.

Cheers

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As with so much information… the Devil is in the Detail… :zipper_mouth_face:

All situations are covered by the link… each person needs to see which details apply to them… :thinking:

Surely the important thing is whether one made a profit?

I rather hope that this is simply to account for the source of the funds and establish that it is not taxable.

If I buy something which costs 100k€, noting that I had to pay taxes on my gross income to have the 100k to spend in the first place, I would not expect to be taxed again if I sell it for 90k because I have “extra” revenue.

Of course if the government wanted to give me a refund for the 10k loss, that might be a different kettle of fish :slight_smile:

Hi Paul…

Have you checked the link Dan has posted… it explains everything… :relaxed:

Thanks Dan @anon14704272!

I guess the thinking is that shrewd investment in collectibles with an eye to future profit, is basically just another form of investment like stocks and shares, property speculation or whatever.
I do dislike it when certain models of classic car start being seen as good investments and start attracting professional collectors, and suddenly the prices are pushed way beyond the reach of ordinary car lovers who would have driven them and showed them and cherished them as cars, not as a commodity to be resold for max profit.

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For those who have enjoyed a vehicle for many, many years… when the time comes to sell, albeit reluctantly, it is nice that any “profit” can be offset against accumulative “annual rebate”… :hugs: which, in some instances means “nothing to declare” yippee

I think there should be a distinction between those cars that are used and those that are kept just as a, hopefully, appreciating asset.

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I love to see cars that have been in the same family for generations… and still on the go

I think the “financial speculator” might well come under the watchful eye of the Tax Folk. (I certainly hope so)… too many lovely cars are just shut away… “too good to use” … like a miser and his hoard gloating as he counts his money… yuk

I agree in principle with this point of view, @anon27586881.

My situation is that the vehicle I own has outstripped my capacity to run it, because it is beyond my scope physically and financially to effect the repairs and maintenance it needs to keep it running, and properly garaged.

As a ‘foreign’ marque the cost of replacement parts is beyond my means, and the recuperative work needed beyond my scope, strength and workshop facilities. And my wallet!

My reason for selling is to get it to a ‘good home’ where it will be appreciated and used as an aid to daily living. But when it goes part of me and my life goes with it.

Not yet, had to pop out to do some shopping.

You are parting with a vehicle you have owned and “loved”… not at all like those who buy with a view to profiting from rising values…

OH had to do the same, when his health problems made him unable to drive the mechanical “love of his life”. The car went to a young “giant” who fell in love with the car at first sight and was strong enough to drive it without any problems … and OH was very pleased with the whole transaction.

(sadly, we did not make a profit… but we had an unexpected input of cash into the coffers which was greatly appreciated)

I sold my Ondine simply because I could not drive it due to my injured hand. Sold for less than I paid 4 years before, but never mind… that, too, went to a good home eventually.

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OK, have read it now - seems to fit in with “common sense” - no need to register the sale for ordinary folk selling their cars. There is a requirement to register for VAT if doing it commercially and selling more than 82 000 € worth per year (in line with normal VAT thresholds, I would imagine).

Rules differ for véhicules de collection - no need to declare if the sale is lower than 5000€ after that the profit on the sale would be taxable.

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anything 30+ years can be classed as collection… but the cumulative rebate per year of ownership is generous…