What are the deemed proceeds?
I'm having a 'blonde' moment!!
I have a client who is a private hire driver and he has been claiming capital allowances on his car. At the beginning of the 2011/12 tax year has a WDV of around £6000.
During the year he gave the car to his girlfriend (and transferred logbook etc.) for free and rented a car for the remainder of the year.
Obviously there is a disposal to be dealt with, but do I claim the remaining balancing allowance of £6,000 seeing as the proceeds are nil?
Or is there a problem due to the car being given to his girlfriend? My gut feeling is that I need to deem the proceeds at market value or WDV???
Any answers would be appreciated.
Thanks in advance
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