- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These regulations amend The Income Tax (Car Benefits) (Reduction of Value of Appropriate Percentage) Regulations 2001 (S.I. 2001/1123) (“the Car Benefits Regulations”).
Regulation 1 provides for the citation and commencement of these Regulations, and for interpretation.
Regulation 2 amends the Car Benefits Regulations. Paragraph (2) provides that regulation 3 of the Car Benefits Regulations shall cease to have effect in respect of any car registered on or after 1st January 2006. This waiver will continue for cars registered before 1 January 2006. Paragraph (3) provides that the standard reduction for hybrid electric and petrol cars contained in regulation 5 of the Car Benefits Regulations shall be increased to 3% and removes the additional discount “B”. Paragraph (4) provides that the standard reduction for gas-only and bi-fuel gas and petrol cars contained in regulation 6 of the Car Benefits Regulations shall be increased to 2% and removes the additional discount “B”. Paragraph (5) omits regulation 7 of the Car Benefits Regulations.
These Regulations impose negligible costs on business, and most businesses will face no additional costs at all.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: