My son is a self employed driving instructor. He bought a new car for £6,500 when he started in 2003. He claimed 25% Capital Allowance in 03-04 & 04-05 an will claim again for 05-06. His tax year ends 31/07.
He now wants to pass this car on to his wife & is replace it by leasing.
Please can someone tell me what the tax implications would be.
Do I simply enter a balancing charge of the remaining 25% with his capital allowance claim for 05-06 and charge it to his drawings - and are there any tax implications of leasing that he should be aware of.
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