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Change of ownership - tax implications

  • 29-04-2013 10:24AM
    #1
    jasonb
    Registered Users, Registered Users 2 Posts: 3,381 ✭✭✭


    Hi there,

    Just a quick question. Say I wanted to change ownership of my car to my wife's name instead. I'm not selling it to her, there's no money changing hands, I'm just putting it in her name.

    Are there any kind of tax implication here? Is it looked at as a gift?

    Just trying to get a sense of how easy it is to do, and if there are any implications I'm not thinking of?

    Thanks...

    J.


Comments

  • #2
    MidlandsM
    Banned (with Prison Access) Posts: 5,737 ✭✭✭MidlandsM


    no, it'll just add another owner to the paperwork is all


  • #3
    Valetta
    Closed Accounts Posts: 2,611 ✭✭✭Valetta


    From a gift tax point of view there's certainly no problem.
    Assets can be transferred between spouses with no tax implications.

    If it's to avoid motor tax then I'm not so sure.


  • #4
    goz83
    Registered Users, Registered Users 2 Posts: 8,035 ✭✭✭goz83


    She is your wife. It won't change your tax situation by signing a car to her name. Besides, the only people that will know are the two of you, the dept of transport and perhaps your insurance company.


  • #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 41,706 Mod ✭✭✭✭Gumbo


    just declare it off the road with an RF100A Form


  • #6
    Valetta
    Closed Accounts Posts: 2,611 ✭✭✭Valetta


    kceire wrote: »
    just declare it off the road with an RF100A Form

    And lie?


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  • #7
    Cheensbo
    Registered Users, Registered Users 2 Posts: 2,704 ✭✭✭Cheensbo


    Valetta wrote: »
    And lie?

    OP never said he uses it...

    Or what the purpose of changing the name was..


  • #8
    Gumbo
    Moderators, Society & Culture Moderators Posts: 41,706 Mod ✭✭✭✭Gumbo


    Valetta wrote: »
    And lie?

    Who said he would be telling lies?


  • #9
    Valetta
    Closed Accounts Posts: 2,611 ✭✭✭Valetta


    kceire wrote: »
    Who said he would be telling lies?

    Why did you suggest the OP declare it off the road?


  • #10
    jasonb
    Registered Users, Registered Users 2 Posts: 3,381 ✭✭✭jasonb


    Thanks for your replies...

    I'm not trying to avoid paying Road Tax, or anything like that. I'm just trying to confirm that it's ok to use a Transfer of Ownership form when I'm not actually selling my car as such, just 'giving' it to my wife, for free. And just trying to make sure that she doesn't have to pay some sort of tax as she's getting a free car effectively. It does sound like we're ok on that front as she's my wife and it's between spouses, as I suspected.

    Thanks...

    J.


  • #11
    Cheensbo
    Registered Users, Registered Users 2 Posts: 2,704 ✭✭✭Cheensbo


    If you're worried about it, tell her to give you a euro for it, but that's neither here nor there if i'm honest, as far as Shannon et al are concerned its gone to a new owner.

    I'm sure cars are given away on a daily basis: who could ever tell (besides the seller/buyer) if a private sale has been paid for or how much has been paid..

    Nothing to worry about at all.


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  • #12
    Gumbo
    Moderators, Society & Culture Moderators Posts: 41,706 Mod ✭✭✭✭Gumbo


    Valetta wrote: »
    Why did you suggest the OP declare it off the road?

    If it has been off the road, they dont have to pay arrears.
    jasonb wrote: »
    Thanks for your replies...

    I'm not trying to avoid paying Road Tax, or anything like that. I'm just trying to confirm that it's ok to use a Transfer of Ownership form when I'm not actually selling my car as such, just 'giving' it to my wife, for free. And just trying to make sure that she doesn't have to pay some sort of tax as she's getting a free car effectively. It does sound like we're ok on that front as she's my wife and it's between spouses, as I suspected.

    Thanks...

    J.

    You have no liability here. just sign the form and send it off. you could do it once a month for 12 months and it will make no difference to your tax affairs ;)


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