Hello
Am trying to work out the BIK on a classic car and just wanted to double check something.
According to HMRC's rules:
A classic car is one which:
- is at least 15 years old on 5 April 2022
- has a market value of at least £15,000
- has a market value which is higher than the original list or notional price (including accessories)
Do all three have to apply in this case? Or just one? Since my case fails on the last clause. When it was brand new it was around £50k, now it's around 15-16k.
Cheers
MG
Am trying to work out the BIK on a classic car and just wanted to double check something.
According to HMRC's rules:
A classic car is one which:
- is at least 15 years old on 5 April 2022
- has a market value of at least £15,000
- has a market value which is higher than the original list or notional price (including accessories)
Do all three have to apply in this case? Or just one? Since my case fails on the last clause. When it was brand new it was around £50k, now it's around 15-16k.
Cheers
MG
Comment