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Old 14.02.2012, 14:35
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Re: Salvaging a 'totaled' car

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I believe what they mean that perhaps I am not portraying very well is.... If the asset came in tax free lets say a supercar and you totalled it; the insurance pays out half a mill and you decide not to replace it but keep the cash, then your year end bank balance would show an extra 500k and this would be eligible for wealth tax.
So would the car itself have been, I know that my vehicles get counted.

Tom
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Old 15.02.2012, 16:50
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Re: Salvaging a 'totaled' car

Too true but as FMF says the replacement car will depreciate in the year where as keeping the cash wouldn't...

The Salient point, as I'm informed, is that on the insurance pay-out the unfortunate client in the total loss case would not be liable for the import tax on the amount as no sale occurred, if they decide to replace and have a depreciating asset like before or put the the cash in savings is up to them.
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