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Income Tax (Earnings and Pensions) Act 2003

Section 163: Shared van: basic value

630.This section provides for the calculation of the basic value of a shared van. The section derives from paragraph 6(1), (2), (3) and (4) of Schedule 6A to ICTA.

631.Subsection (1) sets out the steps involved in the calculation using a method statement. The value that is calculated is applied at Step 4 of section 161 of this Act.

632.In subsection (1) the formula at Step 3 provides for adjustments to the basic value for periods when the van was not a shared van and for any period of 30 days or more when it was incapable of use. The formula uses “Y” for the number of days in the year instead of “365” in the source legislation. This is the same change in principle as that described in paragraph 594. See item A of Change 28 in Annex 1.

633.Subsections (2) and (3) identify the days that must be excluded at Step 3.

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