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.