What is the 12 car rule in the UK?
The Significance of the 12-Car Rule In the UK, the 12-car rule holds significance for individuals selling vehicles. This rule stipulates that if you sell more than 12 cars within a year, you are considered a trader and must comply with specific legal requirements. There’s no specific limit to the number of cars you can own in the UK. You can own as many cars as you like, provided you can afford to purchase and maintain them legally. However, factors such as parking space, insurance costs, and practicality should be considered when buying multiple vehicles.
Is a 20 year old car a classic in the UK?
HMRC considers a classic car to be at least 15 years old, with a market value greater than the list price and at least £15,000. That could mean a car manufactured as recently as 2007 could be classed as a classic. While that’s a simple enough government clarification, insurance companies have their own set of criteria. Generally, a classic car is defined as a vehicle that is at least 15 to 25 years old and has a market value of at least £15,000 (based on a professional appraisal).A classic car certainly holds its value better than most new models. One of the biggest expenses when owning a new car is depreciation – in other words, a car’s loss in value over time. A car loses its value most quickly when it is new. The rate then slows down as it ages.