Hello all. I was wondering if anyone could clear a situation up for me. My father in law is due to be giving us a sum of money soon. Co incidentally, I am planning on buying a Tesla car.
As Teslas are electric, they qualify for 100% First Year Allowance. My father in law normally takes dividends from the profits of his company and pays tax accordingly.
My question is first, is it legal for the car to be bought through the company and be gifted to me as soon as it has been written off against the profits for that year? Secondly it that is possible, are there any other taxes to be paid on transfer (BIK etc) if it is gifted rather than sold?
Thank you
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