I've just found out I could have my initials followed by the number 1 for £18000 or from £694 per month. I wouldn't have thought anyone who could afford to spend £18000 on a number plate would need to pay on the drip.
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L\'escargot.
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Quite right.
Its the people who can't afford an £18000 plate that the drip is for.
I never understood the attraction myself.
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You would be surprised. I know from my own trade experience that there are people who have a "prestige" car with private plate who can barely affort to use it because they don't have money to pay for petrol.
In the past we have done repair jobs on Mercs & BMW's and then found the owner can't pay. You go to their house (smart house on nice estate) and its a case of 'I will be able to pay you at the end of the month' etc etc. Lot of people living the 'good life' on credit these days.
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keeping up with the Jones's has been around for yonks
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keeping up with the Jones's has been around for yonks
Of course, but I think its escalating. Lot more people are 'borrowed out' now than there ever used to be.
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It's a matter for the individual. I wouldn't though.
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Paying the price of a couple of new Citroen C3s for a number plate with your initials on it isn't 'keeping up with the Joneses'.
It is quite simply barking insanity, even if you are one of the few who don't know what to do with all their money.
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I thought personalised registration plates were a bit last century; surely personalised mobile phone numbers are the current trend.
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>> I never understood the attraction myself.
But you understand it now?
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There are a lot of people (well a few thousand) in the City who are on a salary of say, £80k, with an annual bonus of £100k on top At bonus time, that becomes £60k after tax of course and that will take care of all their big purchases and all savings and investments for the year. They then live of the £4,400 per month for the twelve months of the year with little or no savings apart from out of the bonus.
Obviously not all people do that but plenty do. Of course if they then had the urge to get that plate most of their cash might be tied up now and the plate might not be available when the bonuses come out. In those circumstances, it would make sense for them to take the finance and then pay the monthly payments out of income, savings or secondary borrowing and clear the whole lot out of their next bonus. (Well it'd make more sense than blowing £18k on a plate in the first place, although I suppose some people might look at them as an investment along the same lines as property - but I wonder what the CGT position is).
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www.hmrc.gov.uk/manuals/cg4manual/cg76928.htm answers that much as I expected it to - the right to use a particular vehicle registration mark is not a chattel and therefore there are CGT implications on disposal.
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I agree with Lud but mist point out that the value of number plates will be stable and may actually appreciate rather than do a stone down a wishing well impression that second hand French cars do !
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I think it is for tax reasons. It would bound to be bought by a company, and if you paid the full price in one go, it would be classed as capital and you would be taxed on it, but paying on tick would be revenue like the cost of employing a cleaning company or a subscription to something (or something like this).
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Ashok,
I think that could be the case but would probably have to be "greyed" over in the books, doubt whether the Revenue would see it as revenue ifkwim.
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most personal number plates are a joke,they only make sense to the owner after messing around with black screw heads to make up letters , but a fool and his money........
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