Going from caravan to motorhome - tax on selling the caravan?

[hoodiam]

Hello!

For as long as I've know, we have always used Granddad's old caravan whenever we went on holiday (still couldn't tell you what it is for the life of me!).

I took that a few years back and now looking into upgrading to something bigger, and now will more than likely be selling the old caravan. I was wondering - would I end up paying any tax on the money? I inherited it so didn't pay anything for it, meaning all the money is just income. I've looked at this after tax calculator and it's kind of helped, but I'm still unsure. Anyone here have a better idea than I do?

Thanks!

 

[Jimbohorlicks]

I cant imagine for one minute that you would have to pay inheritance tax on an old caravan whatever value it has remaining, your not actually recieving any money anyway just trading up and actually adding your own money-just change it and enjoy motorhoming, forget about any tax

 

[Yorick]

Send me a blank cheque and I'll sort it all out for you

 

[DaveandJen]

The taxman is not normally looking for old caravans left by the deceased because you could probably claim back more than it was worth In labour charges bringing it back into a usable condition.

 

[TheBig1]

unless the total value of what you inherited was over £350000 there is no inheritance tax to pay

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[klaatu]

The relevant tax is Capital Gains Tax, not Inheritance Tax, and you pay it on the increase in value since you inherited it, less your CGT annual allowance of £11,700. That's my understanding, anyway, but you really need to be asking a professional.

 

[pappajohn]

Like anything else of practically no value just sell it and get on with life
The tax man really won't be interested even if you were foolish enough to tell him.

 

[p-c]

Hi
When you refer to "just income" are you talking about rental income?
Regards
p-c