Old company car

Dottie

I have a client who wants to sell his car to his limited company and then have the car as a benefit. (He has a big personal tax bill to pay and sees this as a way of raising some money).
The car is a fairly expensive BMW, but is nine years old and now worth a quarter of the price when new. Am I correct in thinking that the benefit would be worked out on the list price when new and that there is no concession for older cars unless they are historic over 15 years old?

Thanks as always.

slackda

Hi Dottie,

Benefit is calcualted on the P11'd value which is generally the same as the list price. porbably best to contact a BMW showroom see if they have a p11'd prce for the vehicle.

and i beleive that any concessions for older cars have now been removed, except for histroic cars.

Br martin