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Posted Fri, 27 May 2022 09:15:02 GMT by Need Help
When the company I was working for (I also owned shares in the company) was sold I asked the acquiring company if they wanted my computer to be returned, as it was owned by the company. As the computer was quite old and only worth a few hundred pounds the acquiring company allowed me to keep it. Do any tax liabilities arise from this gift?
Posted Mon, 30 May 2022 10:00:44 GMT by HMRC Admin 19
Hi,

You can see guidance surrounding this subject here:

Expenses and benefits: assets bought, sold or given

Thank you.
Posted Mon, 30 May 2022 10:32:00 GMT by Need Help
Thank you for the reply. However, I did not quite expalin the situation correctly. The company was sold on April 1st and I istopped being an employee at that point. I was only gifted the computer in July three months after after I stopped being an employee.
Posted Tue, 31 May 2022 14:23:08 GMT by HMRC Admin 17

Hi,
 
The company will need to work out the value of the computer and submit a P11D for you.

Any tax liability will depend on your own income at the year end once the benefit has been added .

Thank you.

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