SCHEDULE 7Transitionals and savings
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”.
23
(1)
In relation to a capital sum contributed by the employee before 6th April 2003, section 147 (classic cars: 15 years of age or more) applies with the following modifications.
(2)
In subsection (5)(b) substitute “under section 168F(3) of ICTA in determining the price of the car as regards a year” for “in determining the market value of the car”.
(3)
In subsection (6)—
(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”.
24
(1)
This paragraph applies to the operation of section 156(4) (meaning of “shared van”: where van available to only one employee) in relation to times before 6th April 2003.
(2)
The following references are to be read in accordance with section 66 (meaning of “employment” and related expressions) as modified by sub-paragraph (3)—
(a)
the reference to an “employee” in section 156(4), and
(b)
the references to “employee”, “employment” and “employer” in sections 116 and 117 (meaning of van is available to employee) as applied for the purposes of section 156(4).
(3)
In section 66(1)(a) substitute “
an employment the emoluments of which fall to be assessed under Schedule E
”
for “a taxable employment under Part 2”.