My wife returned home from work last night in a 1993 (K) Mazda Eunos. One of the clients in the architectural practice promised her about a year ago that he would change his car and give the Eunos to her when the money from a development came through. She didn't believe him, but, true to his word - he arrived in it yesterday and handed over the keys as a thank you gift for all the work she's done. Which is nice!
It's the 1600 auto version in BRG and is in pretty good condition.
Anyway, he has insured it for a month for her, but then we need to sort something out.
She has 4 or 5 ( I can't remember which) years no-claims that she currently uses on her 1970 Beetle, which also has an agreed value on a limited mile classic policy through Adrian Flux. She doesn't want to cancel that policy as she's paid up until November. So, we need to find an insurer who will insure the Eunos for a sensible price with no no claims.
Is this the best route to go down, or is she best looking at amending her Beetle cover to not use the no claims and transfer that on to the Eunos?
Confusing, confusing!
Cheers,
DB
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Classic policies don't generally generate NCD, so I'd suggest calling Adrian Flux, as they'll happily insure the Eunos, and probably are best placed to negotiate a good introductory discount, since she's got cover with them.
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And of course you need to estimate the price and inform the tax man about this bonus
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TourVanMan TM < Ex RF >
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TVM wrote: And of course you need to estimate the price and inform the tax man about this bonus
Do you think so? The gift was from a client, not her boss, we are told. If it is a gift from person to person then the HMRC issue is the donor's to resolve, and only if the item and other gifts made in the tax year take him over £3k - which then impacts on IHT on the estate should the donor die within seven years.
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If there's any doubt at all, better to explain the situation to the tax office and ask for their guidance. The market value of the car is probably low enough that tax isn't an issue, but at least you'll have a letter from Her Majesty's inspectors to that effect.
Even if you did have to pay some tax, its a very cheap way of getting a very nice car!
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We insured our Eunos Roadster through AON insurance who were very competitive and gave good service.
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Re tax - It is a gift from individual to individual, but it happens to be related to work. It's not a bonus paid by her employer.
Cheers,
DB
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What is a Eunos? Doesn't appear in the CBCB.
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'Tis the Japanese equivalent of our MX-5......
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Re tax - It is a gift from individual to individual, but it happens to be related to work.
No it's not, it's a gift from a client to an employee of the clients supplier. it came directly by way of her employment.
If a client takes you out for lunch, you're supposed to tell your empolyer and he should declare it as a benefit in kind, upon which you would pay tax. Few people do this, of course.
Strictly speaking, it's undoubtably a taxable benefit. However as long as the client doesn't put it through his books as a gift to a supplier (pretty unlikely) and the employer doesn't note is on the P11D, then no-one will ever know.
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"then no-one will ever know".
Exactly.
Now, any more recommendations for getting around the insurance issue?
Cheers,
DB
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"then no-one will ever know". Exactly.
except everyone on here that is
I was half joking - half serious. It was a gift, not a reward or thank you from a friend to friend and had nothing to do with work, not even in the slightest..................
Now about your missus getting gifts from men friends.......................
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TourVanMan TM < Ex RF >
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It's alright TVM, the guy was driving an MX5/Eunos, so the chances are he's a friend of Dorothy, and thus no threat to 'im indoors.
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"Now about your missus getting gifts from men friends......................."
Yes, I have asked her about that. Entirely innocent she says...!
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