I've won a car I don't need, what should I do?

Ebe_Scrooge

From reading that quote about the tax, I'd take it that a cash prize is taxable, a car wouldn't be.

And anyhow, if you were to take the car and then sell it, how would the tax man even know about it ( assuming you sold privately rather than to a dealer ) ?

priorslee

Well done on your win OP!

As others have said, webuyanycar.com is a quick/easy option.
A similar company NOT to use is wewantanycar.com - a bunch of con-merchants!

Don't forget if you do decide to take the car option then sell it you'll need to arrange for it to be insured.

Daza

Ebe_Scrooge wrote: »

From reading that quote about the tax, I'd take it that a cash prize is taxable, a car wouldn't be.

And anyhow, if you were to take the car and then sell it, how would the tax man even know about it ( assuming you sold privately rather than to a dealer ) ?

Any prize given by an employer would be taxable (cash or car) - the same way a company car is taxable

See here, someone else that won a "work related" prize
https://forums.moneysavingexpert.com/discussion/876833

adouglasmhor

Daza wrote: »

If you win a prize and are employed or associated by the company running the competition or supplying the prize you are liable to pay tax ---- Read up on HMRC
http://www.hmrc.gov.uk/payerti/exb/a-z/p/prizes.htm

That says CASH PRIZE a car is not cash.

adouglasmhor

Daza wrote: »

Any prize given by an employer would be taxable (cash or car) - the same way a company car is taxable

If it was it would say so.

Daza

See here, someone else that won a "work related" prize
http://forums.moneysavingexpert.com/...d.php?t=876833

It doesn't matter that the prize is not cash --- in the eyes of HMRC is will be classed as cash as it is a benefit for work

adouglasmhor

Daza wrote: »

See here, someone else that won a "work related" prize
http://forums.moneysavingexpert.com/...d.php?t=876833

It doesn't matter that the prize is not cash --- in the eyes of HMRC is will be classed as cash as it is a benefit for work

But that was not in a lottery but in a draw for a competition.

Daza

adouglasmhor wrote: »

But that was not in a lottery but in a draw for a competition.

It doesn't matter - it is still a prize the employee won from the employer
Ask any accountant and they will tell you the same

DigForVictory

+1 for take the car, and your existing vehicle & trade them in for a newer family vehicle, service pack, road tax & full tank of fuel...

Congratulations on having such a delightful problem, OP!

adouglasmhor

Daza wrote: »

It doesn't matter - it is still a prize the employee won from the employer
Ask any accountant and they will tell you the same

It may or may not be taxable; we would need more information to find out with any certainty. The link you posted was probably the wrong bit of legislation, though BIM45090 is more relevant.
I am an accountant.