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After some tax advice on potential profit from earnings from employment.
As part of my employment I had the perk of 2 management cars at reduced rate. When I retired this was reduced to 1 car.
The rules of the scheme provide holding periods as to when you can sell the car if you chose to purchase the car.
Title passed to me upon delivery, but I was not the registered keeper, this remained with my employer., until I had settled the vehicle.
I misinterpreted the holding periods and sold the car 3.5 months before the outlined period and made a £2,800 profit.
I have been advised that the profit is potential taxable as income from employment.
Is there a tax expert who could advise me on this situation?
I thought it would be deemed as a perk of the job and aligned to Benefit-in-Kind tax rules.
As part of my employment I had the perk of 2 management cars at reduced rate. When I retired this was reduced to 1 car.
The rules of the scheme provide holding periods as to when you can sell the car if you chose to purchase the car.
Title passed to me upon delivery, but I was not the registered keeper, this remained with my employer., until I had settled the vehicle.
I misinterpreted the holding periods and sold the car 3.5 months before the outlined period and made a £2,800 profit.
I have been advised that the profit is potential taxable as income from employment.
Is there a tax expert who could advise me on this situation?
I thought it would be deemed as a perk of the job and aligned to Benefit-in-Kind tax rules.