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.