Honda CBR125 to G650GS - selling the Honda, unsure about tax?

Suptiele

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Hello :)

I recently got my A2 bike license and want to move on from the Honda as quickly as possible... I've been seriously side-eyeing the G650GS as it sounds just perfect for me, but I'm a little worried about selling the Honda. It was bought for me as a gift for getting my A1 license (did CBT at 16 but didn't ride until 17). I want to sell it and put that towards a new bike, but unsure if I should be paying tax on it, because I didn't pay for the bike in the first place. I've looked at this tax calculator but still not quite sure how it all works - I'm a few hundred off the first tax band according to it if this helps. Hoping someone here can point me in the right direction!

Cheers :)
 
Suptiele said:
Hello :)

I recently got my A2 bike license and want to move on from the Honda as quickly as possible... I've been seriously side-eyeing the G650GS as it sounds just perfect for me, but I'm a little worried about selling the Honda. It was bought for me as a gift for getting my A1 license (did CBT at 16 but didn't ride until 17). I want to sell it and put that towards a new bike, but unsure if I should be paying tax on it, because I didn't pay for the bike in the first place. I've looked at this tax calculator but still not quite sure how it all works - I'm a few hundred off the first tax band according to it if this helps. Hoping someone here can point me in the right direction!

Cheers :)
Click to expand...

Here’s my view - the bike was a gift presumably from a relative so should be well within limits for gifting and thus any proceeds from sale won’t be treated as income and thus not taxable as income.

Hope that helps - but I’m not a tax advisor!
 
There is no tax payable. You can write any libalaty off against the other bike. JJH
 
JJH said:
There is no tax payable. You can write any libalaty off against the other bike. JJH
Click to expand...

I'm guessing the original poster doesn't have English as his mother tongue. He'll be gone for some time trying to find out what a libalaty is. :D
 
Suptiele said:
Hello :)

I recently got my A2 bike license and want to move on from the Honda as quickly as possible... I've been seriously side-eyeing the G650GS as it sounds just perfect for me, but I'm a little worried about selling the Honda. It was bought for me as a gift for getting my A1 license (did CBT at 16 but didn't ride until 17). I want to sell it and put that towards a new bike, but unsure if I should be paying tax on it, because I didn't pay for the bike in the first place. I've looked at this tax calculator but still not quite sure how it all works - I'm a few hundred off the first tax band according to it if this helps. Hoping someone here can point me in the right direction!

Cheers :)
Click to expand...

No tax due for a variety of reasons. Get the new bike :thumb2
 
I don think that this is anything to do with Income Tax, unless selling bikes is your trade.

It could fall under CGT (Capital Gains Tax) but that is not payable on personal assets with a life-span of 50 years or less... and there is more about personal allowance on CGT, that would likely cover this anyway, if it was CGT-able...

I'm no expert, just a random guy on the internet you'd never take financial advice from :) but there are a few things for you to google if you are still worried mate. :thumb
 
Nippy Normans supply Touratech, Wunderlich, Desert Fox and many other makes of accessories.
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