Part 3Employment income: earnings and benefits etc. treated as earning
Taxable benefits: cars, vans and related benefits
22
(1)
In relation to a capital sum contributed by the employee before 6th April 2003, section 132 (cars: capital contributions by employee) applies with the following modifications.
(2)
In subsection (1)(b) substitute “under sections 168A to 168C of ICTA in determining the price of the car as regards a year” for “in calculating the cash equivalent of the benefit of the car”.
(3)
In subsection (2)—
(a)
omit paragraph (a), and
(b)
in paragraph (b) substitute “
the tax years after the tax year in which the contribution was made which are
” for “subsequent”.