100% write down allowance?

[kbf1981]

Is the 100% 1st year write down allowance only valid on NEW electric and hybrid cars or do second hand ones qualify as well? Eg say if you bought a second hand Tesla with cash via the business as an asset (company car etc).

[adamfawsitt]

New only (need to be first registered keeper so no pre-ref allowed).

[oop north]

subject to some(?) demonstrators being eligible also - I don't know the criteria though

[JonV8V]

And don't get carried away as you pay tax on whatever you eventually sell it for.

[Q Car]

Unless you keep it for 2 years and a day, write it off as an asset and sell it to yourself for £1....
I'm probably missing something like capital gains though aren't I?

[JonV8V]

Q Car said:

Unless you keep it for 2 years and a day, write it off as an asset and sell it to yourself for £1....
I'm probably missing something like capital gains though aren't I?

Probably be a Category 6 conspiracy to defraud for which you might get 6 months inside.

[Q Car]

Might not go down that route then.......

So there is absolutely no point to ECA's in regard to ULEV's then (or anything else) if HMRC reclaim any tax incentive off you when you sell it?

[JonV8V]

Not sure what you were expecting. The gov (between national and local) give (or were on the i8) 5k off the price, a contribution to having a charger installed at home, helping fund free charging in many places around the country, no road fund license, in some areas free parking, reduced benefit in kind and you thought they'd let you off set remaining cost of the car against tax?

The benefit is the flexibility to play with your tax and in effect a free loan until you come to sell.