1992 No. 732

INCOME TAX

The Income Tax (Cash Equivalents of Car Fuel Benefits) Order 1992

Made

Laid before the House of Commons

Coming into force

The Treasury, in exercise of the powers conferred on them by section 158(4) of the Income and Corporation Taxes Act 19881, hereby make the following Order:

1

This Order may be cited as the Income Tax (Cash Equivalents of Car Fuel Benefits) Order 1992 and shall come into force on 6th April 1992.

2

In section 158(2) of the Income and Corporation Taxes Act 1988 (Tables of flat rate cash equivalents) for Tables A and B there shall be substituted the following Tables:—

TABLE A

Cylinder capacity of car in cubic centimetres

Cash equivalent

1,400 or less

£500

More than 1,400 but not more than 2,000

£630

More than 2,000

£940

TABLE B

Original market value of car

Cash equivalent

Less than £6,000

£500

£6,000 or more but less than £8,500

£630

£8,500 or more

£940

Thomas SackvilleIrvine PatnickTwo of the Lords Commissioners of Her Majesty’s Treasury

(This note is not part of the Order)

This Order substitutes, with effect from 6th April 1992, new tables of flat rate cash equivalents for those set out in section 158(2) of the Income and Corporation Taxes Act 1988. Directors and employees earning £8,500 or more a year are chargeable to income tax on an amount equal to the appropriate cash equivalent of the benefit of car fuel made available for private use by reason of their employment.