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Plate Transfer and Capital Gains
http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=2&t=3023		 Page 1 of 2
Author:  Jem [ Wed Jan 04, 2006 7:40 pm ]
Post subject:  Plate Transfer and Capital Gains
Just a thought,but as a Hackney Carriage Proprietor,you are constantly reminded that the plate belongs to the council and not you,which I'm sure we all agree on.So then,if you decide to "TRANSFER" your plate,then how can you be liable for capital gains tax as you haven't actually sold anything as it wasn't yours to sell? Any advice on this would be greatly appreciated a.s.a.p. as I have to see the accountant next week.By the way,after "TRANSFERING" my plate last year and going P.H. ,all my old friends are still talking to me.Is this suppose to happen??!! :?
Author:  TDO [ Wed Jan 04, 2006 7:59 pm ]
Post subject: 
The plate and/or license might belong to the council, but I think the point is that you've you've made a profit which for taxation purposes is treated as a capital gain. The transfer of the license in effect amounts to its 'sale' as much as the vehicle that goes with it.

A license is basically a permission to do something, and that right can be transferred for profit irrespective of whether the council owns the plate or whatever.

However, unless you've made a mega-profit, once you take into account your allowances, indexation, the cost of the plate (if relevant) and any reliefs, then you shouldn't be that much out of pocket.

And since you're 'in pocket' anyway, I wouldn't complain too loudly :-$
Author:  Stinky Pete [ Wed Jan 04, 2006 8:15 pm ]
Post subject: 
TDO wrote:
However, unless you've made a mega-profit, once you take into account your allowances, indexation, the cost of the plate (if relevant) and any reliefs, then you shouldn't be that much out of pocket.

$


As far as I am aware you can keep the amount [sum] you got for your plate and hold it for a number of years if the intention is to put it into another business, ie your PH business, someone correct me is this is wrong
Author:  Jem [ Wed Jan 04, 2006 8:24 pm ]
Post subject: 
Cheers stinky Pete,That sounds well worth looking to!! And thanks TDO for such a speedy reply.
Author:  TDO [ Wed Jan 04, 2006 8:27 pm ]
Post subject: 
As Pete says, there are lots of reliefs and allowances available for CGT, and I think these have become even more commonplace in recent years.

It's a bit of a minefield, but your accountant should be able to advise you as your business afairs are likely to be relatively simple, thus what seems complicated to us will be bread and butter to him.
Author:  Sussex [ Wed Jan 04, 2006 9:00 pm ]
Post subject:  Re: Plate Transfer and Capital Gains
Jem wrote:
By the way,after "TRANSFERING" my plate last year and going P.H. ,all my old friends are still talking to me.Is this suppose to happen??!! :?

But what are they saying behind your back? :roll:

I know of someone who bought a number of plates to save paying CGT on a large property he sold. So I suppose you could do it the other way around.
Author:  Stinky Pete [ Wed Jan 04, 2006 9:05 pm ]
Post subject:  Re: Plate Transfer and Capital Gains
Sussex wrote:
Jem wrote:
By the way,after "TRANSFERING" my plate last year and going P.H. ,all my old friends are still talking to me.Is this suppose to happen??!! :?

But what are they saying behind your back? :roll:

I know of someone who bought a number of plates to save paying CGT on a large property he sold. So I suppose you could do it the other way around.


Maybe this is why we have Electricians, Garage owners, builders, plumbers, Insurance and financial people buying up Hack plates, never thought about it before
Author:  Jem [ Wed Jan 04, 2006 9:10 pm ]
Post subject: 
Thanks everyone for your replies,they have given me food for thought.And Sussex you're probably right about talking behind my back.Reminds me of that old dereck and clive sketch,you know the one..."hello mate...howsit going?...hows the family?...bla bla bla..anyway see you mate.....****!"
Author:  Sussex [ Wed Jan 04, 2006 9:19 pm ]
Post subject: 
Or more recently the old dear on the Catherine Tate show. :wink:

Now that is very funny, and not that far from the truth. :D
Author:  Jem [ Wed Jan 04, 2006 9:31 pm ]
Post subject: 
Probably right Sussex.Incidently,excuse my ignorance as I'm new to this forum,what is "244 down 99 to go" is that the number of councils that have delimited vs those that haven't? If so,I am shocked,I thought it was about 50/50.
Author:  Sussex [ Wed Jan 04, 2006 9:38 pm ]
Post subject: 
Jem wrote:
Probably right Sussex.Incidently,excuse my ignorance as I'm new to this forum,what is "244 down 99 to go" is that the number of councils that have delimited vs those that haven't? If so,I am shocked,I thought it was about 50/50.

It was 50/50 once, but thankfully it isn't now. :D

The '244 down 99 to go' does indeed relate to the number of councils in England and Wales that have (or will very soon) de-limited, and the 99 relates to those councils that have decided (for the time being) to keep taxi quotas, or have yet to make a decision.

For the current info on the numbers go to JD's list http://www.taxi-driver.co.uk/phpBB2/vie ... php?t=1455

As for my signature I was once going to change it, but because it p***ed so many people off, I decided to keep it there. :roll: :roll:
Author:  Guest [ Wed Jan 04, 2006 11:22 pm ]
Post subject: 
i wonder how many of those drivers that sell their plates declare it to the tax man. :-$
Author:  TDO [ Wed Jan 04, 2006 11:48 pm ]
Post subject:  Re: Plate Transfer and Capital Gains
Quote:
Stinky Pete wrote:
But what are they saying behind your back? :roll:

I know of someone who bought a number of plates to save paying CGT on a large property he sold. So I suppose you could do it the other way around.


Maybe this is why we have Electricians, Garage owners, builders, plumbers, Insurance and financial people buying up Hack plates, never thought about it before


I may be wrong, but the relief is available with regard to reinvestment in any business asset.

But it'll be interesting to hear what Jem's accountant says, keep us informed :)
Author:  TDO [ Thu Jan 05, 2006 12:03 am ]
Post subject: 
Sussex wrote:
Or more recently the old dear on the Catherine Tate show. :wink:

Now that is very funny, and not that far from the truth. :D


Funny, I thought of 'Nan' as well when I read Pete's post:

"Charlotte Church - voice of an angel, liver of a wino" :lol:

I think I prefer Lauren though, particularly when our 'buddies' are 'dissing' TDO:

"Am I bovvered?" :D
Author:  Jem [ Thu Jan 05, 2006 12:05 am ]
Post subject: 
Will do mate
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