Darn insurance company no longer does van insurance so have renewed with another company. But they won't cover company owned vehicles. I assume all I need to be legal owner is to pay nominal sum to my company (it goes to scrapyard in 5 weeks and is virtually worthless) issue myself a receipt and send off thing to DVLC. Any pitfalls for tax purposes? Cheers for any comments.
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bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson) -
IR will look at tax written down value in the year of sale. If you pay less than the tax written down value there will be tax relief on the difference between the tax written down value and the amount paid. If you pay more than the tax written down value then the company will pay CT (at the company rate) on excess paid over tax written down value.
Revenue will expect the van to be sold at market rate! -
The market value for a van that has several dent's and a blown engine would be quite low. - Beacause of the cost of repair.Throw them to the lions - WC2 5.4Comment
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Cheers for that. Goes like a bomb. Shame about bodywork.bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
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