(1)Section 206 of ITEPA 2003 (cost of the benefit: transfer of used or depreciated asset) is amended as follows.
(2)In subsection (3)(a), for “a car (within the meaning of Chapter 6)” substitute “ an excluded asset (see subsection (6)) ”.
(3)After subsection (5) insert—
“(6)An excluded asset is—
(a)a car (within the meaning of Chapter 6),
(b)computer equipment that has previously been applied as mentioned in subsection (3)(b) in circumstances in which the conditions set out in section 320 were met, or
(c)a cycle or cyclist's safety equipment that has previously been so applied in circumstances in which the conditions set out in section 244 were met.”
(4)This section has effect for the year 2005-06 and subsequent years of assessment.