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Selling an Asset to a company (boat)

Selling a boat to a company, classes as an asset for AIA and tax implications

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I own a boat, moored 5 minutes from the office. Could I sell this boat for market value to the company and could it be part of the Annual Investment Allowance (AIA)?

It would be the intention for me as sole director to stay overnight 2 to 3 times per week, as my permanent residence would be 200 miles away so it should be cost-effective for the business as it will avoid hotel costs.

Would there be any tax implications for either party?

I am the sole director with 100% ownership. Any guidance appreciated.

Replies (5)

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Psycho
By Wilson Philips
10th Jun 2019 20:43

Make your mind up - boat or hut?

You really need to speak to an adviser that understands your exact circumstances. I’m usually willing to offer advice here but in this case there are too many unknowns. Pretty certain, though, that there will be tax implications.

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Replying to Wilson Philips:
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By mwood33
10th Jun 2019 20:53

Looking at both... OK - I'll get professional advice but thought I'd give this forum a chance... If anyone can help do ping me, naturally happy to pay for solid advice.

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By Adam12345
10th Jun 2019 20:49

Certainly no AIA.

As above, get professional advice.

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By Tim Vane
10th Jun 2019 23:31

In which vs with which.

i.e. Nope and yep.

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Replying to Tim Vane:
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By Tax Dragon
11th Jun 2019 09:31

But even if yep, it's still a no to AIA (s214).

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