Old Car (1974 Triumph Stag) - Original List Price

spiro

Does anyone know were I can find original list prices for old cars like a 1974 Triumph Stag? I need this to calculate 'benefit in kind' figure for tax purposes.

vaio

from the stag owners club

"Running the car through the business allows all the costs (tax, MOT, service, repairs etc) to be tax deductible and also the VAT can be reclaimed. Effectively, parts and labour are 17.5% cheaper (reclaiming VAT) and depending on your fixed salary / dividend split, you can save 21% corporation tax too. Costs reduced by almost 40% are attractive I'm sure you will agree.

Normally, the benefit in kind tax (tax you pay for having a company car) makes this theory irrelevant. However, because the inland revenue judge the taxable value as a percentage of its list price (i.e. £3400 ish for my 1974 MK2) and it's CO2 (fixed value because our cars were never issued with a formal emissions rating) it is very cost effective for tax purposes. Only if the car is worth more than £15k does this ruling not apply - i.e. £50k E-type would be punitive in tax terms, just the same as running say a Range Rover Sport....ouch."

watch out for the £15k trap, although on a Stag you should be ok unless yours is a really really good one

LandyAndy

vaio wrote: »

from the stag owners club

http://www.stag.org.uk/

spiro

Have sent them an email, currently awaiting response.

LandyAndy

spiro wrote: »

Have sent them an email, currently awaiting response.

It might be 'Joining the S.O.C will only cost you £xx'.:)

TBH if you are planning on running a Stag in that way you might be well advised to join.

vaio

Green Flag might be a better investment

Trebor16

A new Jaguar E type in 1974 was in the region of 4500 pounds so I would suspect a Triumph Stag would have been in the region of 3000 pounds at a guess.