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SCHEDULES

SCHEDULE 28U.K.Taxable benefits: cars

Abolition of “price cap”U.K.

2(1)Section 121(1) (method of calculating cash equivalent of benefit of car) is amended as follows.U.K.

(2)In step 3, insert at the end— “ The resulting amount is the interim sum. ”

(3)Omit step 4 (interim sum to be £80,000 if step 3 amount exceeds £80,000).

3U.K.In section 145(5) (modifications of provisions where car temporarily replaced), for “step 4” substitute “ step 3 ”.

4U.K.In section 147(1) and (2) (classic cars), for “amount carried forward from” substitute “ interim sum calculated under ”.

5U.K.In section 170(1) (Treasury orders increasing various amounts), omit paragraph (a) (amount in step 4 of section 121(1)).