If I buy a 1960s classic car worth less than 15,000 then the inland revenue does not class it as a classic. Therefore the tax liability will be based on the car's list price, say 1000 in 1960. So, if my company buys a car for
14,999 and I contribute 1000 to the cost, then, according to the IR tax calculator, there will be no tax liability and the company can write off the cost of the car against tax at 25% per year. Is this correct or have I got something wrong somewhere? Sounds too good to be true so it probably is!
Stuart