Part 2Income tax, corporation tax and capital gains tax

Chapter 2Personal taxation

Taxable benefits

17Transfer of previously loaned computer or cycle etc

1

Section 206 of ITEPA 2003 (cost of the benefit: transfer of used or depreciated asset) is amended as follows.

2

In subsection (3)(a), for “a car (within the meaning of Chapter 6)” substitute “ an excluded asset (see subsection (6)) ”.

3

After subsection (5) insert—

6

An excluded asset is—

a

a car (within the meaning of Chapter 6),

b

computer equipment that has previously been applied as mentioned in subsection (3)(b) in circumstances in which the conditions set out in section 320 were met, or

c

a cycle or cyclist's safety equipment that has previously been so applied in circumstances in which the conditions set out in section 244 were met.

4

This section has effect for the year 2005-06 and subsequent years of assessment.