22(1)In relation to a capital sum contributed by the employee before 6th April 2003, section 132 (cars: capital contributions by employee) applies with the following modifications.
(2)In subsection (1)(b) substitute “under sections 168A to 168C of ICTA in determining the price of the car as regards a year” for “in calculating the cash equivalent of the benefit of the car”.
(3)In subsection (2)—
(a)omit paragraph (a), and
(b)in paragraph (b) substitute “the tax years after the tax year in which the contribution was made which are” for “subsequent”.