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(This note is not part of the Regulations)
Schedule 6 to the Income and Corporation Taxes Act 1988 (c. 1) (“Schedule 6”) is amended by Schedule 11 to the Finance Act 2000 (c. 17) so as to provide for a new system for taxing car benefits from 6th April 2002. Under the new system the income tax charge on the benefit of a car will be calculated by reference to a percentage for the year (“the appropriate percentage”) of the price of the car as regards that year.
These Regulations are made under paragraph 5E of Schedule 6 which gives the Treasury power to provide for the value of the appropriate percentage as determined in accordance with paragraphs 2 to 5D of that Schedule to be reduced by such amount as may be prescribed, in such circumstances and subject to such conditions as may be so prescribed.
Regulation 1 provides for citation, commencement and effect, and Regulation 2 for interpretation.
Regulation 3 prescribes a reduction of the value of the appropriate percentage in relation to cars propelled solely by diesel which meet a European Community standard for cleaner cars.
Regulation 4 prescribes a reduction of the value of the appropriate percentae in relation to electrically propelled cars.
Regulation 5 prescribes a reduction of the value of the appropriate percentage in relation to cars which are capable of being propelled by electricity and petrol.
Regulation 6 prescribes a reduction of the value of the appropriate percentage in relation to cars which are propelled solely by road fuel gas and cars which are capable of being propelled by petrol and road fuel gas and to which paragraph 5 of Schedule 6 applies.
Regulation 7 prescribes a reduction of the value of the appropriate percentage in relation to cars which are capable to being propelled by petrol and road fuel gas and to which paragraph 5 of Schedule 6 does not apply.
Regulation 8 makes a minor amendment to the Income Tax (Replacement Cars) Regulations 1994 (S.I. 1994/778) which is consequential on the amendment of Schedule 6 by Schedule 11 to the Finance Act 2000.
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