If I buy a car are there any tax implications if I give my current car to my daughter ?

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@54321

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I am thinking of changing my car and buying a 2024 or 2025 car. I know I will be asked If I want to trade in my current car which is in very good condition and has low milage for its age but I would like to give it to my daughter. Would there be any tax implications for her or myself. I am allowed to write off my car against my tax.
 
I think it would be worth approx€15000.00 if I was to sell myself, not sure what I would be allowed on a trade in
 
Even if such a gift is assessable for gift tax (are gifts of wasting chattels assessable?), the €15K valuation is well under her Capital Acquisitions Tax group A exemption threshold of €400K so there should be no issue or need to do anything on that front if that's what you were wondering about.

Who owns the existing car? You personally or a company that you control?
 
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I personally own the car and because I am self employed, I think I was allowed to write off this car as capital allowance on my tax. Thank you Clubman for your replies.
 
@54321 said:
I personally own the car and because I am self employed, I think I was allowed to write off this car as capital allowance on my tax.
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I think you really need to talk to your accountant if you're thinking of gifting the existing car to your daughter. As others have suggested, this whole situation could be more complicated than you think and than originally presented in your first post.
 
@54321 said:
I am thinking of changing my car and buying a 2024 or 2025 car. I know I will be asked If I want to trade in my current car which is in very good condition and has low milage for its age but I would like to give it to my daughter. Would there be any tax implications for her or myself. I am allowed to write off my car against my tax
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That is literally tax evasion

You're buying a personal vehicle via a trade in

Then claiming it as business vehicle capital allowances ( in error) for business usage (eg write off my car against tax) fraudulently

but actually gifting it to a family member / daughter for her own personal use?

What on earth am I missing to think this is ok? Surely I'm misunderstanding
 
I am going to check with my accountant after the pay on file deadline is up as I know all accountants are very busy, I may have not explained things correctly. I definitely have never evaded tax in the past or have no intention of doing so in the future.
 
Gifting a car to a daughter is not tax evasion.

Unless he is planning to say in his accounts that the car is written down to nil?

There are a few issues here.

What is the best way for his business to meet its motoring needs? I would have thought that owning the car personally and charging mileage would be the best. But I am not up to date with the taxation of cars so you need to talk to your accountant who knows your business, your personal circumstances and should be up to date with the tax implications.
 
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