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Income Tax (Earnings and Pensions) Act 2003

Status:

This is the original version (as it was originally enacted).

163Shared van: basic value
This section has no associated Explanatory Notes

(1)The basic value of a shared van 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 interim value of the van is £500.

    In any other case, the interim value of the van is £350.

  • Step 3

    Make a deduction from the interim value if there are any excluded days during the tax year in question.

    The amount of the deduction is given by the formula—

    Formula - (E divided by Y) multiplied by IV

    where—

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

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

    • IV is the interim value of the van.

    • The result is the basic value of the van for the year.

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

(a)the van is not a shared van, or

(b)the van is incapable of use.

(3)For the purposes of this section a van is to be treated as incapable of use on any day if the day falls within a period of 30 days or more throughout which the van is incapable of being used at all.

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