Tax and Benefits in Kind

Whether the leasing of a classic car takes place within the framework of a company car scheme, or as a separate remuneration for selected individuals, there are substantial taxation advantages for both a company and an individual in opting for a classic company car.

We would strongly recommend that you speak to your tax advisor about how any benefit in kind taxation applies to you before you opt for any asset or service that may be deemed a benefit in kind.

Classic cars are exempt from the Company Car Tax rules as they apply to new cars.

If the current market value is lower than £15,000 then a percentage of the the original list price is used to calculate the amount chargable.

Just like in the good old days!

Unfortunately, because the provision of a fully maintained classic car is deemed a service, VAT has to be added to all of our rentals.

Fine if you can reclaim it, but if you're not VAT registered, this can make it an inefficient option.