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Where Taxpayers and Advisers Meet

Transferring my new electric car to a newly formed limited company

parsnipmow
Posts: 2
Joined: Wed Aug 26, 2009 10:32 pm

Transferring my new electric car to a newly formed limited company

Postby parsnipmow » Wed Jan 15, 2020 7:30 pm

Presently operating as a Partnership and about to change our status to a Limited Company later this month. I have just bought a new electric car (from my earnings and in my name) in the last couple of weeks and was wondering if it is too late to transfer the car to the new company when it is formed to be able to claim the first year enhanced capital allowance as it is primarily used for business use (around 85-90%)? Any light that could be shed on this would be greatly appreciated.

AdamS93
Posts: 259
Joined: Tue Sep 26, 2017 6:28 pm

Re: Transferring my new electric car to a newly formed limited company

Postby AdamS93 » Thu Jan 16, 2020 7:52 pm

No. One of the conditions for 'first year allowances' is that the asset must be new and unused which won't be the case. Have you also considered the balancing charge that may arise in the partnership accounts?


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