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Beware disposals to family members – the ‘market value’ rule

2019-09-02T11:29:25+01:00July 7th, 2019|Categories: Articles & Guides, Blog|Tags: , , |

At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between the amount received for the sale of that asset and the cost of acquiring (and, where relevant) enhancing it, allowing for the incidental costs of acquisition and disposal. However, as with all rules there are exceptions, and particular care needs to be taken when disposing of an asset to other family members. Spouses and civil partners The actual consideration, if any, is ignored for transfers of assets between spouses and civil partners. Instead, the [...]

May Questions and Answers

2019-09-01T22:02:10+01:00May 8th, 2017|Categories: Questions & Answers|Tags: , , |

Q. My company owns a car which is used during the day by various employees for business travel only. However, since there is no overnight parking facility at our business premises, one of my employees takes the car home each night and parks it outside his house. He does not use the car privately. Am I correct in assuming that no taxable benefit arises? A. Unfortunately not. To qualify for exemption under the pool car rules, the vehicle must not normally be kept overnight on or near the residence of any of the employees. In addition, home to work [...]