Finance Act 2009

57 (1) Section 1251 (car or motor cycle hire: companies with investment business) 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)(b), for “multiply that amount by the fraction set out in subsection (2) above” substitute “ reduce that amount by 15% ”.

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

(6) Omit subsection (6).

(7) In subsection (7)—

(a) omit “or motor cycle”, and

(b) for “58 (hiring cars with low CO₂ emissions before 1 April 2013)” substitute “ 58A (short-term hiring in and long-term hiring out) ”.

(8) After that subsection insert—

“(8) For the purposes of section 58B of this Act and section 50B of ITTOIA 2005 (connected persons: application of restrictions), this section is to be treated as if it were part of section 56 of this Act.”

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