Can you register car to multiple owners
Discussion
OK - so one would have a keeper but you could have some type of contract that said ownership was split between multiple people ?
Part of this is driven by what happened if one of the persons owed a debt and bailiffs came in to try and take the car. Not a re procession as the car is fully paid for.
Perhaps the easiest way is to have some type of company and just have all the owners have shares in that ?
woof said:
OK - so one would have a keeper but you could have some type of contract that said ownership was split between multiple people ?
Part of this is driven by what happened if one of the persons owed a debt and bailiffs came in to try and take the car. Not a re procession as the car is fully paid for.
Perhaps the easiest way is to have some type of company and just have all the owners have shares in that ?
Keeper and owner(s) are unrelated.Part of this is driven by what happened if one of the persons owed a debt and bailiffs came in to try and take the car. Not a re procession as the car is fully paid for.
Perhaps the easiest way is to have some type of company and just have all the owners have shares in that ?
woof said:
OK - so one would have a keeper but you could have some type of contract that said ownership was split between multiple people ?
Part of this is driven by what happened if one of the persons owed a debt and bailiffs came in to try and take the car. Not a re procession as the car is fully paid for.
Perhaps the easiest way is to have some type of company and just have all the owners have shares in that ?
Its simply a matter of documenting who owns what. The keeper is not the same as the owner. Part of this is driven by what happened if one of the persons owed a debt and bailiffs came in to try and take the car. Not a re procession as the car is fully paid for.
Perhaps the easiest way is to have some type of company and just have all the owners have shares in that ?
woof said:
Going to have to look into this more carefully.
So let's say Mr X is the register keeper. However ownership is with Mr A & Mr B
Would a court/bailiff be able to take the car from Mr X as the registered keeper ?
although legally he wasn't the owner ?
A bailiff would just take the car. You might jump up and down but he'll call the Police (who might be already there if trouble expected) and they'd arrest you for breach of the peace.So let's say Mr X is the register keeper. However ownership is with Mr A & Mr B
Would a court/bailiff be able to take the car from Mr X as the registered keeper ?
although legally he wasn't the owner ?
The owner might be able to get it back before it's disposed of, but it'll probably have been damaged. And anything that was in the car, and the radio, will be missing.
I've had a run in with Bailiffs before. They are complete cowboys - unpaid CC charge - well it was paid online (long story) anyway I was protesting the fine but of course got nowhere. Bailiffs turn up - on private land (2miles into a private estate) and clamped my car in my own courtyard. Police couldn't give a crap. And I had to pay the fine there and then.
I'll have a word tomorrow with our solicitor and see what can be drawn up. One would hope with a proper contract saying the car is X owner then that's a legal document proving legal ownership !
I'll have a word tomorrow with our solicitor and see what can be drawn up. One would hope with a proper contract saying the car is X owner then that's a legal document proving legal ownership !
woof said:
I've had a run in with Bailiffs before. They are complete cowboys - unpaid CC charge - well it was paid online (long story) anyway I was protesting the fine but of course got nowhere. Bailiffs turn up - on private land (2miles into a private estate) and clamped my car in my own courtyard. Police couldn't give a crap. And I had to pay the fine there and then.
We both know that's rubbish don't we? Court appointed bailiffs don't just 'turn up' do they? You either ignored various summons or letters from from Northhampton County Court. Its quite straightforward to stop 'action' if your reason is genuine, even at the final stage. (As I have done a couple of times)I rather more suspect, that you were mugged off by a 'debt collector'.
If the registered keeper is not the owner of a car, then the car should not be grabbed by the keeper's creditors, but, as pointed out above, in the real world it might be, by cowboys who shoot first etc. In a partnership, each partner is liable for the business debts incurred by any other partnership, but simple co ownership of an asset does not render each co owner liable for the debts of the other co owners.
Aircraft owned for recreational use are sometimes owned by a limited company, but this is because in some specific circumstances, by virtue of a statutory rule, the owner of an aircraft can be liable without fault to a person on the ground injured by the aircraft of something falling from it. No such rule applies to cars, so if a group of people co own a car (a very good idea, especially for a high value classic), all they need is a clear agreement between them as to shares and as to paying the costs of upkeep, and a rota to show whose turn it is to thrash the thing.
Aircraft owned for recreational use are sometimes owned by a limited company, but this is because in some specific circumstances, by virtue of a statutory rule, the owner of an aircraft can be liable without fault to a person on the ground injured by the aircraft of something falling from it. No such rule applies to cars, so if a group of people co own a car (a very good idea, especially for a high value classic), all they need is a clear agreement between them as to shares and as to paying the costs of upkeep, and a rota to show whose turn it is to thrash the thing.
Cyberprog said:
Form a Limited Company, it buys the car, and is the registered keeper. Invoice each of the directors for the use of said vehicle to equal the cost of insurance/tax/maintenance, and pay for said through the company.
Apart from the cost of setting up a Ltd Co (say £80-£100), you then have to prepare and file accounts each year with Companies House, explain why the business isn't "trading" but has an income (from the "Directors"), and it isn't actually insolvent, and then worry about Benefit in Kind bills for each of the "Directors" who enjoy private use of the car.Yep, that will work!
You are incorrect in this context. There is an initial cost of incorporation or off the shelf purchase, and an annual cost, very small, for the annual return. You make the company dormant and file abbreviated financial statements annually that take five minutes to do online. No auditing required. HMRC agree to dispense with tax returns. This is done by companies that own houses, and aeroplanes, and would be fine for a non trading car ownership syndicate.
If the car is rented out, or otherwise used for trading, then different principles would apply.
A company seems pointless here, though, as the statutory liability reason why aircraft syndicates sometimes use companies does not apply to cars.
Just draw up a sensible agreement between the group owners, with rules for buy ins and buy outs.
If the car is rented out, or otherwise used for trading, then different principles would apply.
A company seems pointless here, though, as the statutory liability reason why aircraft syndicates sometimes use companies does not apply to cars.
Just draw up a sensible agreement between the group owners, with rules for buy ins and buy outs.
Edited by anonymous-user on Sunday 24th February 19:34
Directors of the firm enjoying the private use of the car will still have Benefit In Kind though - the annual liability will be shared among them, but paying company car tax for the occasional use of a car you actually own? And the "business" would be liable for employers NI on the value of those BiKs.
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff