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Topic starter
13/10/2015 6:46 pm
Hi,
Was wondering if anyone could answer this for me?
If a car is bought for you and it's worth £3795 would you have to pay the trustee £795 as its over the £3000 threshold which is allowed? The car would be in my name.
Any advice would be appreciated.
Thanks
14/10/2015 9:24 am
Hi Commando1
It's actually an interesting point. Logically and the policy adopted by the vast majority of firms is the difference between the valuation and the £3000 limit. ie you would require to pay £795 to the Trust Deed.
I'm aware of some firms though who adopt the policy that the car is above £3000, then the rule does not apply and they would seek the full amount.
It's probably one of those questions only your trustee can answer with any degree of certainty.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
14/10/2015 9:30 am
I'd heard the same as Mark Commando1.
A fair few trustees have told us they'd look for the difference, but the odd one has interpreted this differently and told us they'd look for the full amount.
Here's a page specifically about vehicles and trust deeds:
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15/10/2015 1:16 pm
I'd agree with the others, though would add the caveat that the car would need to be reasonably required (ie for work/family reasons). I suppose an issue might arise if you already owned another car, so would need to justify why this one is needed too.
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