CGT - just checking

sparklybear

A friend recently sold a Porsche Carrera Coupe that belonged to her late husband. It was bought in approx 1993 for £20k and she sold it for £35k. The car was not their only vehicle and wasn’t in daily use. We have looked for guidance from HMRC and are reasonably certain that there will be no liability to CGT but are there any tax professionals on here who can confirm this? 

Many thanks.

[Deleted User]

Not taxable as deemed wasting assets - even classic cars!

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg76906

Keep_pedalling

As far as know cars are not subject to CGT, but even if they were the acquisition value would be based on the value at the time she inherited from her husband not the original purchase cost.