SCHEDULES
SCHEDULE 11Tax relief for business expenditure on cars and motor cycles
Part 2Restrictions on deductions for hire expenses
Income tax
36
1
Section 48 (rules restricting deductions from profits: car or motor cycle hire) is amended as follows.
2
In subsection (1), for the words from “or motor cycle”, in the first place, to the end substitute
which is not—
a
a car that is first registered before 1 March 2001,
b
a car that has low CO2 emissions,
c
a car that is electrically propelled, or
d
a qualifying hire car.
3
In subsection (2), for the words from “multiplying” to the end substitute “
15%
”
.
4
In subsection (4), for “multiplying it by the fraction in subsection (2)” substitute “
15%
”
.
5
In subsection (4A)(a), (b) and (c), omit “or motor cycle”.
6
Omit subsection (5).
7
In the heading, omit “or motor cycle”.