From: "Doug Ramage" 
Newsgroups: uk.finance
Subject: Re: Transfer car
Date: Sat, 17 Jan 2004 08:57:28 -0000


"G Hampton"  wrote in message
news:bu9tno$3h7$1@newsg2.svr.pol.co.uk...
> My mother runs a small company with which she purchased a company car a
> couple of years ago. More recently, we have both been sharing the car and
I
> give her some money towards the payments, petrol etc. She now no longer
> needs the car and I would like to take over all payments on my own. I have
> filled out forms for transferring the keeper details etc. However, are
> there any tax implications involved? Is it seen as a gift from my mother?
> It is worth around £10K.
>
>

Unfortunately it is the company's car and not your mother's. There is a
potential benefit in kind on transfer of assets to a director or family.

It seems like the car is on finance? If so, you will need to have the
finance agreement assigned to you. Do you want to "buy" the car?

This is a more complex scenario than it appears.
--
Doug Ramage