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Redundancy offer with car
susug
Posts: 3 Newbie
My company is making me redundant (in consultation period at present) and I have asked for my company car as part of my redundancy package. Its wholly owned by the company and not leased. If they do give it to me, on top of my redundancy money is it liable for tax? they think it might be. My package would be under £30k including the car.
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Comments
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Shouldn't be taxable; as long as something is signed agreeing the value then it becomes payment in kind which is nothing to do with a benefit in kind.
But do make sure you understand the car's trade value and don't overpay for it. Look at lots of others of similar age, miles, condition etc on ebay and autotrader, take an average and knock off 15%.The questions that get the best answers are the questions that give most detail....0 -
Thank you for your help will check out value
S0
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