Finance Act 2009 (c. 10)

SCHEDULES

SCHEDULE 11 U.K. Tax relief for business expenditure on cars and motor cycles

Part 2 U.K. Restrictions on deductions for hire expenses

Corporation tax U.K.

47 (1) Section 56 (rules restricting deductions from profits: car or motor cycle hire) is amended as follows. U.K.

(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 (5)(a), (b) and (c), omit “or motor cycle”.

(6) Omit subsection (6).

(7) In the heading, omit “or motor cycle”.