Client buys a classic car as investment

Client (limited company) has bought a classic car as an "investment".

What is the correct treatment? Should I show it as an "investment" or just another motor vehicle?

What would be the tax treatment?

My gut instinct is to treat it as "other" investments and not to clain any CA etc....and on a yearly basis, carry out an "desktop" valuation by checking prices of similar classic cars on the internet....am I thinking alsong the right lines or have I missed something?

 

 

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No ideas anyone?

madhumorjaria |

Company car rules

cfield |
cfield's picture