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Income and Corporation Taxes Act 1988, Paragraph 5 is up to date with all changes known to be in force on or before 26 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 11/05/2001
5(1)The approved amount for passenger payments is—
where—
M is the number of miles of business travel by the employee, by car or van, for which the employee carries a qualifying passenger in the tax year in question and in respect of which passenger payments are made; and
R is 5p per mile.
(2)If the employee carries more than one qualifying passenger for all or part of a tax year, the approved amount for passenger payments is the total of the amounts calculated under sub-paragraph (1) in respect of each qualifying passenger.
(3)In this paragraph “qualifying passenger” means a passenger who is also an employee for whom the travel is business travel.
(4)The Treasury may by regulations amend sub-paragraph (1) so as to alter the rate.
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