Part 3Employment income: earnings and benefits etc. treated as earnings
Chapter 6Taxable benefits: cars, vans and related benefits
F1Reduction for payments for private use
158Reduction for payments for private use
1
The cash equivalent of the benefit of a van for a tax year under section F2155(1) (after any reduction under sections 156 and 157) is to be reduced if, as a condition of the van being available for the employee’s private use, the employee—
a
is required in that year to pay (whether by way of deduction from earnings or otherwise) an amount of money for that use, and
b
makes such payment.
2
If the amount paid by the employee in respect of that year is equal to or exceeds that cash equivalent, it is reduced to nil.
3
In any other case that cash equivalent is reduced by the amount paid by the employee.
4
In this section the reference to the van being available for the employee’s private use includes a reference to the van being available for the private use of a member of the employee’s family or household.
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