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The taxpayer was a director of Huntington Antiques Ltd. During an enquiry into the tax affairs of that company HMRC became aware that that company owned two cars.
They concluded that as the taxpayer was a director-employee of the company the cars were made available to him by reason of his employment.
They raised assessments which included car benefit in respect of two cars a BMW and a Ferrari.
The taxpayer appealed.
He explained that the Ferrari had been bought by the company for use on tracks or circuits only and could not lawfully be used on the public highway. Its sole use was as a marketing tool to entertain clients.
However it was decided to sell the car in 2001 although no actual sale took place until 2005.
HMRC...
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