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Income Tax (Earnings and Pensions) Act 2003

Section 123: The list price of a car

451.This section deals with the most common case where there is a published list price for a car. The section derives from section 168A(2) and part of section 168A(9) of ICTA.

452.Subsection (1) defines “list price” by referring to the characteristics of an ordinary retail sale.

453.The phrase “(as the case may be)”, from section 168A(2), is retained as the simplest way of determining whose list price is to be taken. The user looks first to the manufacturer, secondly to the importer and thirdly to the distributor to find a list price.

454.Subsection (2) makes it clear that “list price” includes delivery charges and taxes.

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