SCHEDULES

SCHEDULE 28 U.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).

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

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

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