[F1156Meaning of “shared van”U.K.
(1)The cash equivalent of the benefit of a van for a tax year under section 155(2)(a) or (b) is to be reduced if the van has been unavailable on any day during the year.
(2)For the purposes of this section a van is unavailable on any day if the day—
(a)falls before the first day on which the van is available to the employee,
(b)falls after the last day on which the van is available to the employee, or
(c)falls within a period of 30 days or more throughout which the van is not available to the employee.
(3)The amount of the reduction is given by the formula—
where—
U is the number of days in the year on which the van is unavailable,
Y is the number of days in the year, and
CE is the amount of the cash equivalent before any reduction.]
Textual Amendments
F1Ss. 155-164 substituted for ss. 155-166 (with effect in accordance with s. 80(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 14 para. 5