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)).
F16U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 28 para. 6 omitted (with effect in accordance with s. 59(5) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 59(4)(b)
F27U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 28 para. 7 omitted (with effect in accordance with s. 58(19) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 58(17)
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).
F39U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 28 para. 9 omitted (with effect in accordance with s. 59(5) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 59(4)(b)
10F4(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
(2)The other amendments made by this Schedule have effect for the tax year 2011-12 and subsequent tax years.
Textual Amendments
F4Sch. 28 para. 10(1) omitted (with effect in accordance with s. 59(5) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 59(4)(b)