The value of exclusive availability is calculated as follows—
Step 1
Determine the age of the van.
Step 2
If the age of the van is less than 4 years at the end of the tax year in question, the basic value of the van for the year is £500.
In any other case, the basic value of the van for the year is £350.
Step 3
Make any deduction from the basic value of the van under section 158 for any periods when the van was unavailable or a shared van.
The resulting amount is the provisional sum.
Step 4
Make any deduction from the provisional sum under section 159 in respect of payments by the employee for the private use of the van.
The result is the value of exclusive availability.