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Income Tax (Earnings and Pensions) Act 2003

Section 124: The notional price of a car with no list price

455.This section deals with the less common case where there is no published list price within section 123. The legislation then falls back on the concept of the “notional price”. The section derives from section 168A(8) and part of section 168A(9) of ICTA.

456.Subsection (1) defines the “notional price” of a car and the assumptions to be made in determining it. Those assumptions reflect the circumstances listed in section 123(1) where there is an actual list price.

457.Subsection (2) makes it clear that a notional price must, like a list price, include delivery charges and taxes.

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