Part IIIIncome Tax, Corporation Tax and Capital Gains Tax
Employee benefits etc.
47Cars available for private use
1
Schedule 6 to the Taxes Act 1988 (cars available for private use: cash equivalent of car) shall be amended as follows.
2
In paragraph 2(1) (reduction for business travel: 18,000 miles and above)—
a
for “in the year concerned” substitute “in a year”, and
b
for “the amount ascertained under paragraph 1 above, reduced by two thirds” substitute “15 per cent. of the price of the car as regards the year”.
3
In paragraph 2(2) (reduction for business travel: 2,500 to 18,000 miles)—
a
for “in the year concerned” substitute “in a year”, and
b
for “the amount ascertained under paragraph 1 above, reduced by one third” substitute “25 per cent. of the price of the car as regards the year”.
4
For paragraph 4(a) (two or more cars) substitute—
a
paragraph 2(1) above shall have effect as if for “15 per cent.” there were substituted “25 per cent.”
5
In paragraph 5 (reduction for age of car), for “one third” substitute “one quarter”.
6
This section has effect for the year 1999-00 and subsequent years of assessment.