I have a Thai company of which I am sole Director. For various reasons, the company has never traded, is dumping assets, and then closing. There have never been profits, there will be a loss to shareholders, and no tax liability will occur.

The company owns one car which has been badly smashed up, is not covered by insurance, and is therefore worth relatively little.

I have asked my accountant to prepare a meeting document stating that the shareholders have agreed to sell this asset to me in a personal capacity.

I will transfer funds to the company to pay for it, then take the tabian rot and meeting document to the vehicle registry to effect the transfer.

BUT… I was told by the accountant that there is a fixed minimum price for the sale of used cars (cf. the sale of land, where there is a minimum to prevent transfer tax fraud via underdeclaration). It’s one the most ridiculous things I’ve ever heard. Surely this cannot be? If an owner chooses to sell an old car cheap, surely that’s up to him.

I can understand that the sale of a company asset at below market value in order to create an artificial tax loss would be questionable, but that is nothing to do with the vehicle registry.

Has anyone else ever heard of this rule?

If it really exists, how ever are old cars assessed and valued? There are too many variables.

Like I said I’m sure it’s a ridiculous myth, but then again, I have seen ridiculous things here before.

This is correct!!! anytime if a vehicle get registered to another owner, they charge some tax, wich is not much anyway. But for example: you can't say you bought a Grand Jeep Cherokee for 50k. They charge their procentage (i'm not sure hum many %) on a value, let's say 400k. If the car is older sometimes they charge not much, let's say a Old timer or a Classic car, you can say you bought for 100k and maybe they accept, because the car is very old. Anyway this is true, they have every car listed about his value. But anyway we not talk about big bucks.