 Classic
Cars
Special rules apply where at the end of a tax year a car
- is 15 years old or more and
- has an open market value of £15,000 or more, which is
higher than its list price at the time of registration
The price of these cars for tax purposes is the open market
value on the last day of the tax year, or the last day in
the tax year on which the car is available to the employee.
The open market value must include any accessories. Values
may be arrived at from valuations (eg. for insurance) or prices
in the market or published prices.
Capital contributions by the employee towards the cost of
the car or accessories can be deducted from the market value,
up to a limit of £5,000.
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