Question asked:


Client purchased a tanker for €59,000 in 2008, acquired through finance lease, used for purpose of a trade. Took ownership of the asset in 2016, leasing company issued a LAD Invoice for €1, and a LAD Credit note for €1. This effectively transferred ownership from the leasing co to our client. Client sold the asset in 2018 for €28,000. Is our client charged to tax as follows; Income tax, balancing charge €1 (limited to capital allowances claimed), : CGT €28,000 - cost €1, personal exemption €1270, CGT @ 33%. (wasting chattel used for business purposes). Thanks Pauric

Marked as spam
Posted by (Questions: 12, Answers: 2)
Asked on 28 June 2019 11:43 am