Transfer of car between unmarried partners - possible gift tax issue

[Eyeblinks]

My long term partner and I bought a car together a number of years ago. I paid two thirds and she one third, based on our incomes at that time. The car is registered in her name for insurance purposes. We now would like to transfer the ownership to me, so I can re-establish a no claims bonus. As this would appear to create a taxable event I'm wondering how this is calculated.

Is the amount to base the tax on , one third of the current market value less the 3k gift exemption multiplied by the tax rate?

There was no gift tax paid on the original purchase. Could this reactivate that?

 

[Brendan Burgess]

Unless you are talking about a top of the range car worth €100k and you are trying to pull a fast one, Revenue has no interest in such transactions, even if they are technically taxable.

 

[Eyeblinks]

Thanks Brendan, no it's an ordinary family car.

 

[Mommabearof3]

Just in terms of insurance I know with Aviva if the car is in the name of your spouse you can have the policy in your own name not sure if that applies only for married couples but might be worth checking out and avoiding having to have another owner on the car and the hassle.

 

[LS400]

Any Revenue official reading the likes of this must have a sore belly from laughing at such questions.

I think its sad that the fear is there to even ask the question.

Yes, they are integral to the running of the Country, but this power is there for a reason, and not be abused.

It I buy a €20k car for my Dad, that's it, done, paid for with my taxed income. Should he run to revenue worried about being exposed, give me a break.

Your going to get some, saying, well where do you draw the line... Common sense I tell ye.

If, just if, Revenue were to make an issue out of such event as posted, they'd be rightly taken down a peg or two and loose substantial credibility.

 

[ClubMan]

Any Revenue official reading the likes of this must have a sore belly from laughing at such questions

I glanced at the post and assumed that it was another one from @goodsaysir...

If I sell my car is income tax due?

If I sell my car and money is payed to bank account Is income tax due? Or cgt on profit (unlikely to be) Mainly concerned about income tax from money being brought into account should I report it I know I have being repetitive in the past hoping someone can help, think I finally have my...

www.askaboutmoney.com

 

[Sarah Ryan]

All of my family have 'owned' a lot of my cars over the years hahahhahah.