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With CGT currently charged at 28 per cent for higher-rate taxpayers and 18 per cent otherwise, the savings can be significant. Returns on classic cars are also proving attractive with classic car prices soaring 395 per cent in 10 years according to property firm Knight Frank.
One of the reasons for classic cars being exempt from capital gains tax is because they are categorised as both ‘wasting assets’ and ‘passenger vehicles’. Wasting assets are possessions, including machinery, with a predicted life of less than 50 years.
With CGT charged on profits on assets above £10,600 in a year, selling a £100,000 asset, or shares, would normally mean attracting a capital gains tax charge of almost £25,000, which can be avoided if you sell a wasting asset.
Classic cars are also becoming more attractive to younger owners after the recent launch of Footman James’ new insurance policy for young drivers. The new car insurance premium has enabled one young classic owner to get out and about the very same day the proposition was released to the public.
The innovative new scheme enables young drivers, who had previously struggled to obtain car insurance for their classic, are now be able to do so, subject to a range of qualifying criteria.
Twenty-one year old Tom Seymour is the first young enthusiast to be provided with cover for his classic under the new scheme. Tom’s 1980 MG Midget is his first car and was purchased from an online auction three years ago. Now he has found affordable on road cover Tom plans to attend local and national Club events in his classic and is looking forward to being back on the road in time for the forthcoming season.
Footman James’ managing director Andy Fairchild said: “We are delighted to be able to offer genuine young enthusiasts like Tom affordable insurance that will enable them to get out and about in their classics. The scheme has already met with widespread approval from the industry and we look forward to extending our insurance offer to even more young enthusiasts, who met the qualifying criteria, over the forthcoming weeks.”
The introduction of this new policy for classics follows in the footsteps of the government’s new green paper also launched this week. The green paper, set to improve road safety for young drivers, has been welcomed by motorists across the country and it is an initiative that the government hopes will not only save lives but also further reduce car insurance premiums.