Auction set to drive high price for for last remaining classic 1969 Lancia Fulvia Spider
Personal Finance Editor
Friday 10 January 2014
A 1969 Lancia Fulvia Spider Fiorio & Maglioli will be sold today by auctioneers Coys at the NEC in Birmingham and is expected to fetch as much as £220,000.
Why? The car, pictured above, is the only one remaining of three built and collectors are attracted by a sparkling racing record.
The Lancia was modified for the Targa Florio endurance race after the team’s drivers suffered heat exhaustion at the 1969 Daytona 24-hour race.
Everything superfluous was taken off – including the roof – which helped the car to finish ninth at the Targa Florio, before going on to finish second at the 1969 Monte Carlo Rally. It then went one better to finish first in class over both the 1,000kms of Nurburgring and at the 1969 Rally del Mediterraneo.Classic cars are attractive to investors because of fast rising prices. But there’s another reason – the tax benefit. While prices of heritage vehicles have soared in recent years – in fact they’ve outperformed gold during the last decade – the fact that there’s no capital gains tax (CGT) to pay on any profits makes them tempting investments.
The tax exclusion is because they are categorised both as “wasting assets” and passenger vehicles. Wasting assets are possessions such as machinery and items with a predicted life of less than 50 years.
It means the cars are exempt from CGT, which would otherwise be charged on gains above the annual exemption of £10,900 at 18 per cent, or 28 per cent if you are a higher-rate taxpayer.
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Alex Salmond: 'The rocks would melt with the sun before I'd ever set foot in the House of Lords'
- 5 Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...