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Income Tax (Earnings and Pensions) Act 2003

Section 130: The notional price of an accessory

481.This section defines the “notional price” of an accessory. It applies when an accessory does not have a list price. The section derives from section 168B(5), (6) and (7) and section 168C(4) of ICTA.

482.Subsection (1) defines the notional price of the accessory by setting out the assumptions to be made in determining it. Those assumptions reflect the circumstances listed in section 129(1) where there is an actual list price.

483.Subsection (2) defines “inclusive price” to reflect what is referred to in section 129(2) when there is an actual list price.

484.Subsection (2)(c) follows section 129(2)(c) in identifying the person by whom the fitting charge is made. That reflects section 168B(6).

485.Subsection (3) follows the timing rule in section 129(3).

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