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Gifting company van to employee

taxable benefit

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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?

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By johngroganjga
23rd Jun 2020 09:32

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

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By Tax Dragon
23rd Jun 2020 09:50

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

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By Truthsayer
23rd Jun 2020 12:04

No.

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