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Keeping the boat afloat

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Keeping the boat afloat

edited 30 November -1 at 12:00AM in Loans
1 reply 3K views
datamandataman
1 posts
Forumite
edited 30 November -1 at 12:00AM in Loans
Our family own a motor boat, a modest sized sea going cruiser. Not a great money making project I know, but we have always had a boat and she is our third boat in 20 years of marriage. Our children have been brought up in a boating family.
Our boat was built in 1986 and is the last known survivor of a once proud boatyard in Southampton which has followed the demise of all but one of its craft, and is no more.
Unfortunately our beloved craft although now well maintained, has had some much needed work carried out on her - I'm awaiting the second bill this year of around a thousand pounds.
Short of taking up stamp collecting or train spotting, I cannot bring myself to give up boating and sell our boat on.
The other day at work I jokingly said that I should give the boat charitable status and put an advert in the Times asking if anyone wished to donate funds to keep a piece of British nautical history afloat. This then went on to openning a PO BOX and a new bank acount in the boats name. I didn't think about it too seriously, but is this legal, and has anyone done something like this themselves.
Is this just a crazy pipe dream or could it be done. what laws are involved, how would I stand with the Inland Revenue. If anyone knows you lot will.
Regards

Mark
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