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General Chat (Vincent Related)
capital gains tax
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<blockquote data-quote="John Smith-Daye" data-source="post: 17582" data-attributes="member: 26"><p>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. </p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="John Smith-Daye, post: 17582, member: 26"] 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. [/QUOTE]
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capital gains tax
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