Classic car query

We bought a 1980’s classic car several years back that’s taken to shows, used for pleasure etc only. It’s worth less than what we paid for it unfortunately (we had hoped it would retain its value or appreciate). Should we sell it to one of the garages we’ve approached, can the loss be offset against a capital gain elsewhere this tax year or is the car simply exempt from CGT?

Hi Helen,
The car is exempt from Capital Gains Tax.
Please see help here:
CG76906 - Wasting assets: road vehicles
Thank you.