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General Car Chat / Inherited Omega - tax concerns?
« on: 11 June 2018, 18:54:13 »
Hi 
I've recently inherited a 2001 Omega 3.0 V6 and after driving it around for a bit I've fallen for it quite a bit more than I expected. I have no use for multiple cars, and can't quite afford it, so will be selling my current Ford Focus. I am worried about the tax on this - I earn only just under the personal allowance , so will selling my car count as taxable income? It was bought for me by parents (first car) so I didn't pay anything for it, and selling it would be all income basically. Should I be worried about this?
cheers
I've recently inherited a 2001 Omega 3.0 V6 and after driving it around for a bit I've fallen for it quite a bit more than I expected. I have no use for multiple cars, and can't quite afford it, so will be selling my current Ford Focus. I am worried about the tax on this - I earn only just under the personal allowance , so will selling my car count as taxable income? It was bought for me by parents (first car) so I didn't pay anything for it, and selling it would be all income basically. Should I be worried about this?cheers