Selling import car to fund a Camaro - salary tax on sale?? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Yensdon · 08-15-2018, 04:00 AM

Hi!

Thought I should start with saying I'm based in the UK.

I currently drive a RHD Ford Mustang (

I know, be nice!) and will be selling it to fund a Camaro. I was wondering if I would end up paying any taxes if I sold on the Mustang? I've had a poke around this salary calculator I found (very useful tool if you're in the uk! income-tax.co.uk ). I can't find anything about selling stuff so I'm a bit confused - will I pay tax on it or not?

Thanks in advance

Look forward to joining you!

pete-1le · 08-15-2018, 04:08 AM

Hey there!

I think you’re confusing income tax with import tax and VAT.

Income tax is tax paid on earning from your job, are you US Armed Forces? If so, you’re paid by them and taxed by them on your income.

Was your mustang a US import? If so did you pay the VAT and Duty on arrival. If you didn’t pay the VAT or Duty, I believe you have to keep it for 2 years before you can sell it on. If you do sell it on the new owner might then be liable to pay the duty and vat so be careful here.

If you’re not registered for paying taxes in the UK then you won’t have to declare any income from the sale of the mustang.

Hope that helps.

Pete

Sent from my iPhone using Tapatalk

RickGM · 08-16-2018, 02:02 AM

There's no income tax on the selling of your personal vehicle even if it's sold for profit. Not sure what would happen if you bought an Enzo 10 years ago and sold it now for 5+ times what you paid. Might be a CGT issue. It won't have been imported if it's a RHD will it?

08-15-2018, 04:00 AM	#1
Yensdon Drives: no Camaro yet! :( Join Date: Aug 2018 Location: England Posts: 1	Selling import car to fund a Camaro - salary tax on sale?? Hi! Thought I should start with saying I'm based in the UK. I currently drive a RHD Ford Mustang ( I know, be nice!) and will be selling it to fund a Camaro. I was wondering if I would end up paying any taxes if I sold on the Mustang? I've had a poke around this salary calculator I found (very useful tool if you're in the uk! income-tax.co.uk ). I can't find anything about selling stuff so I'm a bit confused - will I pay tax on it or not? Thanks in advance Look forward to joining you!

08-15-2018, 04:08 AM	#2
pete-1le pete1le Drives: 2013 Camaro 2SS RS 1LE Join Date: Aug 2014 Location: West Midlands, United Kingdom Posts: 449 View My Garage	Hey there! I think you’re confusing income tax with import tax and VAT. Income tax is tax paid on earning from your job, are you US Armed Forces? If so, you’re paid by them and taxed by them on your income. Was your mustang a US import? If so did you pay the VAT and Duty on arrival. If you didn’t pay the VAT or Duty, I believe you have to keep it for 2 years before you can sell it on. If you do sell it on the new owner might then be liable to pay the duty and vat so be careful here. If you’re not registered for paying taxes in the UK then you won’t have to declare any income from the sale of the mustang. Hope that helps. Pete Sent from my iPhone using Tapatalk __________________ __________________ WEBSITE 1le.uk \| FACEBOOK facebook.com/pete.1le

08-16-2018, 02:02 AM	#3
RickGM Drives: 2013 SS V8 L99 Magnusson Heartbeat Join Date: Jun 2012 Location: South Leicestershire, United Kingdom Posts: 888 View My Garage	There's no income tax on the selling of your personal vehicle even if it's sold for profit. Not sure what would happen if you bought an Enzo 10 years ago and sold it now for 5+ times what you paid. Might be a CGT issue. It won't have been imported if it's a RHD will it? __________________ UK Camaro Owner. One of a few.