Section 49 of ITTOIA
3502.Section 48 of ITTOIA restricts the amount which can be deducted in calculating the profits of a trade for income tax purposes in respect of the cost of the hire of a car or motor cycle with a retail price (when new) of more than £12,000 other than “a qualifying hire car or motor cycle”.
3503.This amendment remedies a small omission in the definition in section 49 of ITTOIA of “qualifying hire car” for the purpose of section 48 of ITTOIA. See Change 105 in Annex 1.