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.
Transfer car
Jan 16, 2004
2 Replies
If the car is on some form of HP won't she have to get in touch with the finance company?
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.
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