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21 Benefits In Kind (Cars)

Volume 130: debated on Monday 21 March 1988

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Resolved,

That—
  • (1) For the year 1988–89 and subsequent years of assessment, Schedule 6 to the Income and Corporation Taxes Act 1988 (taxation of directors and others in respect of cars) shall have effect with the substitution for Part I (tables of flat rate cash equivalents) of the following—
  • PART I
    TABLES OF FLAT RATE CASH EQUIVALENTS
    TABLE A
    Cars with an original market value up to £19,250 and having a cylinder capacity
    Cylinder capacity of car in cubic centimetresAge of car at end of relevant year of assessment
    Under 4 years4 years or more
    1400 or less… … … … … … … … … … …£1,050£700
    More than 1400 but not more than 2000… … … …£1,400£940
    More than 2000… … … … … … … … … …£2,200£1,450

    TABLE B
    Cars with an original market value up to £19,250 and not having a cylinder capacity
    Original market value of carAge of car at end of relevant year of assessment
    Under 4 years4 years or more
    Less than £6,000 … … … … … … … … … …£1,050£700
    £6,000 or more but less than £8,500… … … … … …£1,400£940
    £8,500 or more but not more than £19,250… … … … …£2,200£1,450

    TABLE C
    Cars with an original market value of more than £19,250
    Original market value of carAge of car at end of relevant year of assessment
    Under 4 years4 years or more
    More than £19,250 but not more than £29,000£2,900£1,940
    More than £29,000… … … … … … … … …£4,600£3,060

    (2) This Resolution shall not require any change to be made in the amounts deductible or repayable under section 203 of the Income and Corporation Taxes Act 1988 (pay as you earn) before 15th June 1988.

    And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.— [Mr. Lawson.]