[modeleng] Re: 14XX
- From: "Peter J. Cathcart" <peter.cathcart@xxxxxxxxxxxxx>
- To: <modeleng@xxxxxxxxxxxxx>
- Date: Sun, 3 Oct 2004 22:58:18 +0100
If built for personal use, and then you decide to sell it, the only tax (who
said only) is capital gains tax. The first #7,000 or thereabouts PROFIT is
tax free, thereafter it's lumped on your income and if you pay plenty of tax
it will be at the highest rate you pay.
Do bear in mind all costs incurred in building are properly deductible. For
example I bought my Britannia from Winson at over #7,000 but have also
bought lots of extras from Doug Hewson and lots of other bits and pieces for
my own modifications. All are properly deductible as long as you have
documented what has been spent or can demonstrate expenditure reasonably
accurately.
You have to go a long way to make over #7,000 profit on any built model,
except of course if you are Tel and build it from all the local scrap 'cos
it hurts to pay!
Peter
----- Original Message -----
From: "Ronald" <Ron@xxxxxxxxxxxxxxxxxxxxxxxxxx>
To: <modeleng@xxxxxxxxxxxxx>
Sent: Friday, October 01, 2004 10:14 PM
Subject: [modeleng] Re: 14XX
What are the tax implications of selling a model one has made ? In view of
the fact that some models could be worth well over #10000 would it be
classed as unearned income, windfall ,or earned income to be taxed at your
normal rate .??
----- Original Message -----
From: "Clif Walker" <clif.gwr@xxxxxxxxxxxxxx>
To: <modeleng@xxxxxxxxxxxxx>
Sent: Friday, October 01, 2004 5:49 PM
Subject: [modeleng] 14XX
Hi All,
Gave the 14xx another steaming today amongst the rain showers and surprise
surprise "no blow by".
In fact it sounded perfect and it ran like a dream.
Now I have always known that compressed air is more searching than steam
when testing boilers,so perhaps the same thing applies to valve gear.
I must admit that last time I tried the loco on steam there was a hell of a
blow up the chimney so there was definitely something wrong then.
I reckon now however that I must have been trying for the impossible when
testing the valve gear on compressed air.
The net result of all the rebuilding and redesign seems to be a super
perfect operation and exhaust note.
All that remains to do now is get the locos boiler certificate and look for
the next project.
Any body want to buy a completed 14XX Winson Kit with 43 modifications?
Regards
Clif
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