Part 3Employment income: earnings and benefits etc. treated as earnings
Chapter 6Taxable benefits: cars, vans and related benefits
F1Vans: reductions of cash equivalent
Annotations:
Amendments (Textual)
156Meaning of “shared van”
1
The cash equivalent of the benefit of a van for a tax year under section 155(2)(a) or (b) is to be reduced if the van has been unavailable on any day during the year.
2
For the purposes of this section a van is unavailable on any day if the day—
a
falls before the first day on which the van is available to the employee,
b
falls after the last day on which the van is available to the employee, or
c
falls within a period of 30 days or more throughout which the van is not available to the employee.
3
The amount of the reduction is given by the formula—
where—
U is the number of days in the year on which the van is unavailable,
Y is the number of days in the year, and
CE is the amount of the cash equivalent before any reduction.
Ss. 155-164 substituted for ss. 155-166 (with effect in accordance with s. 80(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 14 para. 5