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25 February 2009
Issue: 4195 / Categories: Forum & Feedback , Companies
The deregulation of hackney cabs by various regulating councils will mean that the plates purchased by the drivers will become worthless. Can any tax relief be claimed in respect of this reduction in value?

My client is a taxi driver having plied his trade for many years. When he started his taxi business he had to apply for a hackney carriage plate for his own vehicle.

He now has several other cabs for which plates were purchased and which are driven by other drivers.

The local council intends to deregulate taxis so anyone who meets the criteria will be able to operate a taxi business and there will be no limit on numbers.

The value of the plates will therefore be worthless. Can any tax relief be claimed for this loss and would it make any difference if the business were to be carried on by a limited company?

Advice would be very welcome.

Query 17 359 – Hackney

Reply from New Road

The usual question on hackney carriage plates relates to claiming allowances on the plates. Hackney could look...

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