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Q: If motor vehicles were registered under the name of director, but held in trust on behalf of the company, are the insurance and road tax payments made by the company eligible for tax deduction?
A: If the trust deed for the holding of motor vehicles in trust has been duly prepared, the motor vehicles are effectively belonging to the company, hence the related motor vehicle expenses will be tax deductible.
Wishing you plentiful tax savings!
YYC Tax Guru