Income Tax (Earnings and Pensions) Act 2003

150 Car fuel: calculating the cash equivalent U.K.

(1) The cash equivalent of the benefit of the fuel is the appropriate percentage of [F1 £25,300].

(2) The “appropriate percentage” means the appropriate percentage determined in accordance with sections 133 to 142 for the purpose of calculating the cash equivalent of the benefit of the car for which the fuel is provided.

(3) But the cash equivalent may be—

(a) nil where either of the conditions in section 151 is met;

(b) proportionately reduced under section 152;

(c) reduced under section 153.

Textual Amendments

F1 Sum in s. 150(1) substituted (6.4.2022 with application to the tax year 2022-23 and subsequent tax years) by The Van Benefit and Car and Van Fuel Benefit (No. 2) Order 2021 (S.I. 2021/1422), arts. 1(2), 2