Win Our TR6
Our 1974 Triumph TR6 is live and available to win on the Bridge Classic Cars Competitions website. Although, it doesn’t look like it’s going to
Our 1974 Triumph TR6 is live and available to win on the Bridge Classic Cars Competitions website. Although, it doesn’t look like it’s going to
Molly recently sat down to speak to Clement from Smashing Wines about our upcoming wine tasting event and a very special competition that is now
Over the last few days, almost everyone has had their say on the Autumn 2024 Budget. While, from what I’ve seen anyway, opinion has mostly
Our 1974 Triumph TR6 is live and available to win on the Bridge Classic Cars Competitions website.
Although, it doesn’t look like it’s going to stick around for long.
Molly recently sat down to speak to Clement from Smashing Wines about our upcoming wine tasting event and a very special competition that is now live on the Bridge Classic Cars Competitions website.
Wine, classic cars, competition winners – a perfect Friday night.
Over the last few days, almost everyone has had their say on the Autumn 2024 Budget. While, from what I’ve seen anyway, opinion has mostly been negative, there is some good news for us classic car enthusiasts and owners.
Despite the announced increase in Capital Gains Tax (CGT) from 10% to 18% at the lower end and from 18% to 24% at the higher end, which impacts most traditional investments, classic cars are considered โwasting assets” making them exempt from this increase.
As a general rule, cars are considered to be items with a lifespan of less than 50 years (wasting assets) and are therefore not subject to Capital Gains Tax. We all know that some classic cars will actually increase in value over time but, as far as the government are concerned, they remain exempt.
It is worth noting though that not all classic cars will qualify for exemption. As long as your classic is kept in its original form for personal use, CGT won’t be an issue. However, if you have modified it for a different use e.g. racing, the tax status of your vehicle may change.
For now, at least, classic cars look to be a sensible investment in terms of emotion and passion as well as a potential financial investment which I, for one, am very happy about.
Bridge Classic Cars are award winning Classic Car Restoration and Maintenance specialists. Your pride and joy is in safe hands with our expert Classic Car Technicians. Take a look at our awards here.
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