P11D value for imported car not sold in UK?

[texasjohn]

Any of our resident experts got an idea of how a P11D value would be assigned for a car, of a make and model never sold in the UK:

Eg US import Acura RSX or Japanese import Honda Integra DC5?

Current market value, or list price in home country + VAT converted to GBP? If the latter, what currency conversion rate? Current rate or applicable rate as at date of manufacture?

Thanks in advance!

[ralphrj]

From HMRC Booklet 480 Expenses and Benefits - A Tax Guide

HMRC said:

The notional price of a car with no list price

The normal price is the list price. Only if there is no list price can the notional price be used.

The notional price of a car is the price which might reasonably have been expected to be its list price if its manufacturer, importer or distributor had published a price as the inclusive price appropriate for a sale of a car of the same kind sold singly in a retail sale in the open market in the UK on the day before the date of the car's first registration.

Therefore I would interpret this to be the total of:

1. List price including factory fit options (exc. local taxes) converted to GBP at the exchange rate on the date the car was first registered in its home country
2. Cost of any subsequent extras fitted
3. Delivery - cost of transporting to UK
4. Customs or excise duty
5. VAT

[texasjohn]

So

Car from Japan notional P11D price is roughly:

(Then-current local list + Shipping) * 10% duty * then-current VAT rate.

Useful to know!

Edited by texasjohn on Friday 26th July 18:41