SCHEDULES
SCHEDULE 7Transitionals and savings
Part 3Employment income: earnings and benefits etc. treated as earning
Taxable benefits: cars, vans and related benefits
22
1
In relation to a capital sum contributed by the employee before 6th April 2003, section 132 (cars: capital contributions by employee) applies with the following modifications.
2
In subsection (1)(b) substitute “under sections 168A to 168C of ICTA in determining the price of the car as regards a year” for “in calculating the cash equivalent of the benefit of the car”.
3
In subsection (2)—
a
omit paragraph (a), and
b
in paragraph (b) substitute “
the tax years after the tax year in which the contribution was made which are
”
for “subsequent”.
23
1
In relation to a capital sum contributed by the employee before 6th April 2003, section 147 (classic cars: 15 years of age or more) applies with the following modifications.
2
In subsection (5)(b) substitute “under section 168F(3) of ICTA in determining the price of the car as regards a year” for “in determining the market value of the car”.
3
In subsection (6)—
a
omit paragraph (a), and
b
in paragraph (b) substitute “
the tax years after the tax year in which the contribution was made which are
”
for “subsequent”.
F124
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .