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FYA on Electric Car

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If a sole trade client with a 31 August year end buys a new electric car towards the end of August, keeps it at the office until after the year end and only uses it for business during this period, can they claim 100% of the FYA?

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By Vile Nortin Naipaan
09th Jul 2019 15:41

Yes. The £0 balance after deducting the FYA then goes in the pool, and if later on there starts to be private use, it gets transferred from the pool to a single asset pool, and there'll be a clawback at that point.

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