Taxation of Chargeable Gains Act 1992 (c. 12)

Part VII U.K. Other property, businesses, investments etc.

Miscellaneous reliefs and exemptions U.K.

263 Passenger vehicles. U.K.

A mechanically propelled road vehicle constructed or adapted for the carriage of passengers, except for a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used, shall not be a chargeable asset; and accordingly no chargeable gain or allowable loss shall accrue on its disposal.