do you pay tax on the sale of a family pet - ie pony

A

anniemac

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can somebody advise do we have to pay tax on the sale of my daughters pony it was bought by a loan from credit union and we are now selling it at a considerable loss and worried about the tax implications - i am self employed
 
First things first - sale of an wasting asset is not liable to CGT. You're not in a trade of selling ponies so no charge to income tax.

Which brings me to my next point, its a pity you don't have such a trade as you could have written the loss on the pony against other profits or income you have from elsewhere !

(Before you ask - you don't and can't have a trade with just one pony)
 
Setanta12 said:
First things first - sale of an wasting asset is not liable to CGT. You're not in a trade of selling ponies so no charge to income tax.

Which brings me to my next point, its a pity you don't have such a trade as you could have written the loss on the pony against other profits or income you have from elsewhere !

(Before you ask - you don't and can't have a trade with just one pony)
Click to expand...

thanks Setanta- not a trade I would ever consider - just glad to be getting out with shirt still on my back - 12 years of this has been plenty and anybody with more than one has my deepest sympathy!
 
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