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Business, taken personally.

Directors’ business use of company assets

Posted by Lotty Reeves on 9th September 2014

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.


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