Part 3Employment income: earnings and benefits etc. treated as earnings
Chapter 6Taxable benefits: cars, vans and related benefits
F1Vans: reductions of cash equivalent
156Meaning of “shared van”
(1)
The cash equivalent of the benefit of a van for a tax year under section F2155 is to be reduced if the van has been unavailable on any day during the year.
(2)
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.
(3)
The amount of the reduction is given by the formula—
where—
U is the number of days in the year on which the van is unavailable,
Y is the number of days in the year, and
CE is the amount of the cash equivalent before any reduction.