Part 3

Employment income: earnings and benefits etc. treated as earnings
Chapter 6

Taxable benefits: cars, vans and related benefits

Cars: the price of a car

The notional price of a car with no list price
124
1
In this Chapter a car’s “notional price” means the price which might reasonably have been expected to be its list price if its manufacturer, importer or distributor (as the case may be) had published a price as the inclusive price appropriate for a sale of a car of the same kind sold—
a
in the United Kingdom,
b
singly,
c
in a retail sale,
d
in the open market,
e
on the day immediately before the date of the car’s first registration, and
f
with accessories equivalent to the qualifying accessories (see section 125) available with the car at the time when it was first made available to the employee.
2
In this section “inclusive price” has the same meaning as in section 123.
Pt. 3 Ch. 6 modified (6.4.2021 for the tax year 2021-22) by Finance Act 2020 (c. 14), s. 10
Pt. 3 Ch. 6 modified (6.4.2020 for the tax year 2020-21) by Finance Act 2020 (c. 14), s. 9
S. 124 applied (with modifications) by 1994 c. 22, s. 1GF(3)(4) (as inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), s. 46(2)(c))