SCHEDULES
SCHEDULE 28Taxable benefits: cars
Introduction
1
Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars) is amended as follows.
Abolition of “price cap”
2
1
Section 121(1) (method of calculating cash equivalent of benefit of car) is amended as follows.
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
In section 145(5)
(modifications of provisions where car temporarily replaced), for “step 4” substitute “
step 3
”
.
4
In section 147(1) and (2)
(classic cars), for “amount carried forward from” substitute “
interim sum calculated under
”
.
5
In section 170(1) (Treasury orders increasing various amounts), omit paragraph (a) (amount in step 4 of section 121(1)).
Cars with CO2 emissions figures: the appropriate percentage
F46
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Electrically propelled cars: the appropriate percentage
F37
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
In section 142 (special provision for cars registered before 1998)—
a
in subsection (3)
(cars without internal combustion engine with reciprocating pistons), for the words after “year is” substitute “
32%
”
, and
b
omit subsection (4) (definition of electrically propelled car).
Consequential repeal
F29
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commencement
10
F11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
The other amendments made by this Schedule have effect for the tax year 2011-12 and subsequent tax years.