Income Tax (Earnings and Pensions) Act 2003 (c. 1)

Part 3 Employment income: earnings and benefits etc. treated as earnings

Chapter 6 Taxable benefits: cars, vans and related benefits

Vans: value of exclusive availability

158 Deduction for periods of unavailability or shared use

(1) A deduction is to be made from the basic value of the van calculated under step 2 of section 157 if there are any excluded days during the tax year in question.

(2) In this section an “excluded day” means a day on which—

(a) the van is unavailable (see subsection (4)), or

(b) the van is a shared van.

(3) The amount of the deduction is given by the formula—

where—

• E is the number of excluded days in the year,

• Y is the number of days in the year, and

• B is the basic value of the van calculated under step 2 of section 157.

(4) For the purposes of this section a van is unavailable on any day if the day—

(a) falls before the first day on which the van is available to the employee,

(b) falls after the last day on which the van is available to the employee, or

(c) falls within a period of 30 days or more throughout which the van is not available to the employee.