race car in a company

[isleofthorns]

does anyone run their track / race car through their own company as a benefit in kind - if so, any advice would be good!

[Jubal]

Surely the deal is to slap some stickers on and fund it as an advertising cost?

[isleofthorns]

thanks, but I think that route it a no-go with hmrc.

I'm not looking to evade any bik, just wanted to know a few parameters... like


1) what is the rate of BIK... I heard is was 20% of the purchase price annually... so, 8% actual tax on the purchase price per year...


2) if a race car has subsequently become road-registered (like a group N car), could it be taxed as a BIK as above (presuming it was SORN'ed), rather than as an road-car?!

thanks

Mark

[TrackMegane]

I think the easiest way to do it is find a like minded person. You sponsor them they sponsor you. No BIK issues etc