capital gains tax

[Simon Dinsdale]

Just looked at a current V5C (UK's version of a log book or title) and in section 5 Registered Keeper, it states "The registered keeper is not necessarily the legal owner". Legal been the big word in that statement.

If that is the case, surely the tax man cannot use a V5C and the DVLA records as evidence of ownership for inheritance tax. Or it is one law for us mere mortals and another law for the tax man.

 

[John Smith-Daye]

I would suspect that the tax man might use the V5C as "prima facie" evidence of ownership - i.e. you are likely to be thought guilty of ownership until proven innocent by some other means! If it were the other way round, and you wanted to prove ownership rather than disprove it, most will accept the V5C in your name as sufficient evidence.

Something that should also be borne in mind if considering lowering your wealth for IHT purposes by giving your Vins to me, er I mean the family, is the notion of a "gift with reservation of title". This refers to a gift whereby the donor retains significant rights - for example, you give me title to your Vin, but physically keep hold of it and refuse me the right to ride it or dispose of it. This sort of gift is NOT valid for IHT purposes.

 

[roy the mechanic]

vin 998 is quite correct, the name on the log book is not the legal owner, merely the registered keeper. so far as i am able work it, the swansea computer and the revenues are not connected without a court order. if you don't admit to it you can tell them to naff-off!

 

[sidmadrid]

Roy, all well and good, but at some time the Executor of the estate will have to sign the probate document and the penalties for telling lies are quite bad.
If you executor has integrity you best keep them in the dark regarding your illegal goings on.
I find it hard to believe that HMRC cannot access the DVLA computer.
sid

 

[vincenttwin]

Bad post sorry