Price of classic cars set to soar post-Brexit

News Team, 27/11/2020

Classic car hobbyists and investors are likely to see the price of European vehicles rise up to 30 percent post-Brexit.

Existing rules would see cars from Europe subject to VAT of 20 percent as well as 10 percent import duty, financial advice and accountancy firm Kreston Reeves said.

Ownership of classic cars is a relatively popular pursuit among wealthy clients – and it can be lucrative.

The most recent Coutts Passion Index showed that while the value of the classic vehicle asset class fell 3.5 percent in 2018, its average annual growth rate since 2005 sat at 10 percent.

Classic cars are also classed as ‘wasting’ assets and thus are not subject to capital gains tax (CGT).

Research from Kreston Reeves explored the investments and later life planning of over 1000 people aged over 35 in the UK. The report, Planning fo...

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