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Statutory Instrument 1992 No.731
The Income Tax (Cash Equivalents of Car Benefits) Order 1992
(The document as of February, 2008)
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STATUTORY INSTRUMENTS
1992 No.731
INCOME TAX
The Income Tax (Cash Equivalents of Car Benefits) Order 1992
| Laid before the House of Commons | 12th March 1992 |
| Coming into force | 6th April 1992 |
The Treasury, in exercise of the powers conferred on them by section 157(4) of the Income and Corporation Taxes Act 1988[1], hereby make the following Order— Citation and commencement
1. This Order may be cited as the Income Tax (Cash Equivalents of Car Benefits) Order 1992 and shall come into force on 6th April 1992. Substitution of tables of flat rate cash equivalents
2. In Part I of Schedule 6 to the Income and Corporation Taxes Act 1988[2] for Tables A, B and C there shall be substituted the following tables:—
TABLE A
Cars with an original market value up to £19,250 and having a cylinder capacity
| Cylinder capacity of car in cubic centimetres | Age of car at end of relevant year of assessment |
|---|
| 1,400 or less £2,140 £1,460 | Under 4 years | | More than 1,400, but not more than 2,000£ | 4 years or more | | More than 2,000£ | 2,770£ 1,880 | | 4,440£ | 2,980 |
TABLE B
Cars with an original market value up to £19,250 and not having a cylinder capacity
| Original market value of car | Age of car at end of relevant year of assessment |
|---|
| Under 4 years | Less than £6,000 | | 4 years or more | £2,140 £1,460 | | £6,000 or more, but less than £8,500 | | £2,770 | | £1,880 | | £8,500 or more, but not more than £19,250 | | £4,440 | | £2,980 |
TABLE C
Cars with an original market value of more than £19,250
| Original market value of car | Age of car at end of relevant year of assessment |
|---|
| Under 4 years | | 4 years or more | | More than £19,250, but not more than £29,000 | | £5,750 £3,870 | | More than £29,000 | | £9,300 £6,170 |
Thomas Sackville
Irvine Patnick
Two of the Lords Commissioners of Her Majesty's Treasury
12th March 1992
EXPLANATORY NOTE
(This note is not part of the Order)This Order substitutes with effect from 6th April 1992 different tables of cash equivalents for each of the tables set out in Part I of Schedule 6 to the Income and Corporation Taxes Act 1988.
Directors and employees earning £8,500 or more a year are chargeable to income tax on an amount equal to the appropriate cash equivalent of the benefit of a car made available for private use by reason of their employment.
ISBN 0 11 023731 5
Notes:[1] 1988 c. 1.
[2] Section 29 of the Finance Act 1991 (c. 31) substituted a new Part I of Schedule 6 for the year 1991-92 and subsequent years.
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