Classic Cars as Company Cars

Classic Cars as Company Cars

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Has anyone had experience of dealing with tax relating to Classic cars being provided as Company Cars?
I am unsure of how the benefit would be calculated and whether or not repairs and "Restoration" costs would be tax allowable.

Ian Baker

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By User deleted
26th Apr 2005 12:07

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Benefit - provided market value is less than 15k (not sure on exact figure), then BIK at 'original list price'. If more than 15k, then market value used, so stay below the threshold!!! I think the BIK is based on engine size, but not sure.

Repairs/running costs/restoration, should be allowable. (Careful that the restoration doesn't make the car worth more than the above limit, nudge, nudge, wink, wink!!)

Chancer - Not an accountant (but interested in classic cars and profit extraction).

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