How can a foreign director get finance in the UK.....
Discussion
My uncles is the director of a British based business but since he lives abroad, he's classed as a foreign director. Since he comes back a few times a year, he was going to buy a car through the company to use when he's back. So far BMW and Porsche both said they can't offer finance to him because hes a foreign director.
Anyone have any ideas on alternative channels to finance a car through his business.
Thanx
Anyone have any ideas on alternative channels to finance a car through his business.
Thanx
I presume he is not resident in the UK for tax purposes. This would mean he would only be able to remain in the UK for limited amounts of time in any one tax year in order to ensure he remained a non-UK resident. That would mean that the car would only be available to him for those limited amounts of time. Would that not mean that it would make poor economic sense for the company to acquire a vehicle just for his use?
If the car was made available for other individuals in the company, that could adversely affect their taxable benefits-in-kind situation.
qwertyford said:
My uncles is the director of a British based business but since he lives abroad, he's classed as a foreign director. Since he comes back a few times a year, he was going to buy a car through the company to use when he's back. So far BMW and Porsche both said they can't offer finance to him because hes a foreign director.
Is he the sole director - otherwise it doesn't make sense - if the company buys the car then why would BMW & Porsche be asked to offer *him* finance?
In my last company we had several leased cars that were used by foreign based employees when they where in the UK - the cars are leased in the company's name.
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