We bought an ex-commercial vessel (built in 1925) in 1984 for a four figure sum and spent the next 8 years and a big 5 figure sum converting it into a private pleasure craft. The boat has only been used for private purposes, not business or residential, and is kept in continental Europe.
We have received conflicting advice on whether or not CGT is applicable if we sell the boat since it is now worth something over £200,000. Unfortunately much of the paperwork relating to conversion costs was lost in a burglary but we have the original bill of sale. We would much appreciate comment on the following:
1. Is CGT payable? (wasting asset?? historic/vintage vessel???)
2. If CGT is payable what chance have I got of establishing that allowable expenditure of up to about £100,000 was incurred (independent surveyor's valuation of works???).
3. If there is a chargeable gain can we as private individuals roll this over in some way, e.g. by buying a letting holiday cottage.
Many thanks for any thoughts out there.
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