Commentary

V3.162A Use of stock in trade cars for consideration less than market value

Part V3 Supplies, acquisitions and imports

V3.162A Use of stock in trade cars for consideration less than market value

V3.162A Use of stock in trade cars for consideration less than market value

Where a 'stock in trade' car is made available for private use for no consideration, a deemed supply is made (see V3.242), the value of which is determined on the basis of the cost to the person making the supply (see V3.212), or on the basis of scale charges agreed with the motor trade (see V3.242). However, where a nominal charge is made, VAT is due only on that charge, unless the provisions set out in V3.162 apply, or HMRC makes a direction as described below).

For the meaning of

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