Section 53
1U.K.Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars) is amended as follows.
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).
3U.K.In section 145(5) (modifications of provisions where car temporarily replaced), for “step 4” substitute “ step 3 ”.
4U.K.In section 147(1) and (2) (classic cars), for “amount carried forward from” substitute “ interim sum calculated under ”.
5U.K.In section 170(1) (Treasury orders increasing various amounts), omit paragraph (a) (amount in step 4 of section 121(1)).
6U.K.In section 139(4) (car with a CO2 emissions figure: the appropriate percentage), for the table substitute—
| Tax year | Lower threshold (in g/km) |
|---|---|
| 2009-10 | 135 |
| 2010-11 | 130 |
| 2011-12 and subsequent tax years | 125”. |
7U.K.In section 140(3)(a) (appropriate percentage for electrically propelled cars), for “15%” substitute “ 9% ”.
8U.K.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).
9U.K.In consequence of the amendment made by paragraph 6, in FA 2008, omit section 47(1).
10(1)The amendments made by paragraphs 6 and 9 have effect for the tax year 2009-10 and subsequent tax years.U.K.
(2)The other amendments made by this Schedule have effect for the tax year 2011-12 and subsequent tax years.