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#1 23-01-07 14:00:45

Mr..B
Verified Member
From: garden of england
Registered: 02-01-06
Posts: 57

old car/new car?

my corsa's 3 yrs finance is up soon,i want to keep it for my wife,and buy a new one
do i have to sell it to her,and use the money as a deposit?
or does it not matter/be part of my tax,as it has been paid for?
many thanks...

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23-01-07 14:00:45

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Re: old car/new car?




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#2 23-01-07 17:30:43

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: old car/new car?

Tax wise it is going to depend if you have been claiming a capital writedown allowance each year....if you have then it is seen as an asset of your business and the value would have to be assessed and rejigged to satisfy the tax man, if you have only been claiming the interest on the finance then it will be seen as a "lease" and can just be passed to your wife.
if in doubt contact the Inland Rev.
Sue


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#3 24-01-07 08:02:42

Mr..B
Verified Member
From: garden of england
Registered: 02-01-06
Posts: 57

Re: old car/new car?

cheers sue

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