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A drive on the wild side
Key points
- Is a demonstrator vehicle ‘new’ or ‘used’ for the purposes of claiming capital allowances?
- When does an unconditional obligation to pay the balance of consideration arise?
- Penalties and interest could apply if expenditure was paid in an accounting period but the obligation to make such a payment did not arise until the following accounting period.
- Consider ITEPA 2003 s 145 benefit in kind provisions where an employee needs a replacement car.
- When buying a car via a company consider a clause in the contract with the dealership to apply the terms of the Consumer Rights Act 2015.
‘It seemed like a good idea at the time’ is my stock response to those who ask ‘What made you decide to have an all-electric car?’ I try to avoid saying more because I found I had a lot more to think about than I had anticipated.
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