Gifting company van to employee

taxable benefit

Didn't find your answer?

On closure of the company the director took ownership of the van.  For an asset that is not a car or van the taxable benefit would be the market value but am I right that it is simply the net book value that is used for a vehicle?

Replies (3)

Please login or register to join the discussion.

By johngroganjga
23rd Jun 2020 09:32

His benefit is the difference between the market value and the price he paid.

Thanks (0)
avatar
By Tax Dragon
23rd Jun 2020 09:50

It's a bit more complex than that. See s206 of ITEPA, esp ss3.

Thanks (0)
avatar
By Truthsayer
23rd Jun 2020 12:04

No.

Thanks (0)