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Quick question about buying your car back.

  • 19-07-2015 10:05pm
    #1
    Adams86
    Registered Users, Registered Users 2 Posts: 10 ✭


    I've sold my car to my brother about a month ago because I couldn't afford it because I was unemployed. I've since got a job and I was looking to buy it back from him. Can this be done? I ask because when I sold it there was no tax on it so he taxed it when he bought it. If I buy it back would I have to pay previous back tax or no?


Comments

  • #2
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,545 ✭✭✭✭colm_mcm


    Yes you can.
    You're only liable for tax from the month you take ownership (again)


  • #3
    Adams86
    Registered Users, Registered Users 2 Posts: 10 ✭Adams86


    colm_mcm wrote: »
    Yes you can.
    You're only liable for tax from the month you take ownership (again)

    That's great thanks. Seems like a little loop hole there though :). Thanks again.


  • #4
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,545 ✭✭✭✭colm_mcm


    Yes. You'd be surprised how many cars with out of date tax get sold to family members and then bought back and taxed.


  • #5
    mickdw
    Registered Users, Registered Users 2 Posts: 23,795 ✭✭✭✭mickdw


    Adams86 wrote: »
    I've sold my car to my brother about a month ago because I couldn't afford it because I was unemployed. I've since got a job and I was looking to buy it back from him. Can this be done? I ask because when I sold it there was no tax on it so he taxed it when he bought it. If I buy it back would I have to pay previous back tax or no?

    Nice story bud. Luckily, you don't need to convince anyone of this tale.


  • #6
    CiniO
    Registered Users, Registered Users 2 Posts: 16,069 ✭✭✭✭CiniO


    Adams86 wrote: »
    That's great thanks. Seems like a little loop hole there though :). Thanks again.

    That's not a loophole.
    It would be a loophole if you could legally avoid paying tax.
    With this you can't, as you can't legally drive untaxed.


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