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Income Tax (Earnings and Pensions) Act 2003

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Changes over time for: Cross Heading: Cars: capital contributions by employee

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Version Superseded: 27/04/2017

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Point in time view as at 01/09/2003.

Changes to legislation:

Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Cars: capital contributions by employee is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Cars: capital contributions by employeeU.K.

132Capital contributions by employeeU.K.

(1)This section applies if the employee contributes a capital sum to expenditure on the provision of—

(a)the car, or

(b)any qualifying accessory which is taken into account in calculating the cash equivalent of the benefit of the car.

(2)A deduction is to be made from the amount carried forward from step 2 of section 121(1)—

(a)for the tax year in which the contribution is made, and

(b)for all subsequent years in which the employee is chargeable to tax in respect of the car by virtue of section 120.

(3)The amount of the deduction allowed in any tax year is the lesser of—

(a)the total of the capital sums contributed by the employee in that year and any earlier years to expenditure on the provision of—

(i)the car, or

(ii)any qualifying accessory which is taken into account in calculating the cash equivalent of the benefit of the car for the tax year in question, and

(b)£5,000.

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