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London Local Authorities Bill [Lords]

My hon. Friend makes a good point. If the Revenue decided to investigate such matters and concluded that the profits were taxable, there would be the difficulty of ascertaining what was taxable profit, because much of the cost would be for materials expended on the vehicle. In any event, unless it was the type of vehicle that my hon. Friend mentioned in his speech—an Aston Martin or a Ferrari—I suspect that the ““profit”” would be less than the annual personal allowance for capital gains tax purposes, which would probably mean that although it ought to be properly disclosed to the Revenue, no tax was payable.