Many cities in the UK won't sell more than one parking permit per person. I didn't realise this when buying a second car and now need to transfer one of them into my wife's name (who uses one of the cars exclusively anyway) so that I can have the "honour" of parking outside overnight on a public road.
According to the DVLA (Department for Vehicle Licensing), there are no costs for transferring the "registered keeper" to another, however, this will increase the number of "former keepers".
- Will I have to get a new tax certificate for the vehicle, or will the old one (six months to run) still be valid?
- Will there be a capital gain or other tax liability on me for the transfer? i.e. will it be perceived as a gift or a sale?
- Does increasing the number of "former keepers" have an impact on the resale value of the vehicle?
- Are there any other tax gotchas I should be aware of?
This is a problem that may affect, for instance, a parent sending their offspring to university with the family car and also transferring ownership so that they can park. I want to be sure that, in order to spend £40 on parking, I don't incur hundreds of pounds in tax liabilities.