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Posted Thu, 28 Dec 2023 15:43:02 GMT by
Hi, I've moved here in May 2021, leaving my parents to drive my car back in Turkey. Now, I wish to sell the said car. Although it's a wasted asset, due to the volite market in Turkey, I might be making a profit out of the car (depending on the exchange rate on the sale time and how much it sells for), I had originally bought it for around £15k in 2018 and currently it's worth between £15-23k in the second hand market. Would I have to declare it via Self assesment and pay capital gains tax on it in the UK?
Posted Tue, 09 Jan 2024 11:56:22 GMT by HMRC Admin 5
Hi

You don’t pay Capital Gains Tax on your car - unless you’ve used it for business.  
Please have a look at Capital Gains Tax on personal possessions for more information.

Thank you

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