Finance Act 2014 (c. 26)

PART 1 U.K. Income tax, corporation tax and capital gains tax

CHAPTER 2 U.K. Income tax: general

Other provisions U.K.

24 Cars: the appropriate percentage U.K.

(1) Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars, vans and related benefits) is amended as follows.

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Section 139 (cars with a CO₂ figure: the appropriate percentage) is amended in accordance with subsections (4) to (6).

(4) In subsection (2) —

(a) in paragraph (a) for “5%” substitute “ 7% ”,

(b) in paragraph (aa) for “9%” substitute “ 11% ”, and

(c) in paragraph (b) for “13%” substitute “ 15% ”.

(5) In subsection (3), for “14%” substitute “ 16% ”.

F2 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) Section 140 (cars without a CO₂ figure: the appropriate percentage) is amended in accordance with subsections (8) to (10).

(8) In subsection (2), in the Table —

(a) for “15%” substitute “ 16% ”, and

(b) for “25%” substitute “ 27% ”.

(9) In subsection (3)(a), for “5%” substitute “ 7% ”.

F3 (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4 (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12) Section 142 (car first registered before 1st January 1998: the appropriate percentage) is amended in accordance with subsections (13) and (14).

(13) In subsection (2), in the Table —

(a) for “15%” substitute “ 16% ”,

(b) for “22%” substitute “ 27% ”, and

(c) for “32%” substitute “ 37% ”.

(14) In subsection (3), for “32%” substitute “ 37% ”.

F5 (15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(16) In consequence, section 23(4) and (5)(b) of FA 2013 is omitted.

(17) The amendments made by this section have effect for the tax year 2016-17 and subsequent tax years.

Textual Amendments

F1 S. 24(2) omitted (with effect in accordance with s. 10(2) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 10(1)(a)

F2 S. 24(6) omitted (with effect in accordance with s. 10(2) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 10(1)(b)

F3 S. 24(10) omitted (with effect in accordance with s. 10(2) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 10(1)(c)

F4 S. 24(11) omitted (with effect in accordance with s. 10(2) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 10(1)(d)

F5 S. 24(15) omitted (with effect in accordance with s. 10(2) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 10(1)(e)