This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
It is a common misconception that only the private use of a company asset can give rise to a taxable benefit. Owner-managers, who invariably have power and control over assets, need to be particularly aware that business use of a company asset may give rise to a taxable benefit.
The First-tier Tribunal (Tax Chamber) has recently held that the use of company assets by owner-managers for business purposes gave rise to a taxable benefit. It determined that the assets (a yacht, jewellery and antique clocks) were acquired and used for business and not private purposes.
Disclaimer
This article is © Endeavour Partnership LLP 2014 and may not be reproduced without our express permission.
This article is a general summary and should not be relied upon in the place of seeking professional advice in respect of any specific situation.
No responsibility can be accepted for any actions based on the information in this article.
Share this post: