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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Income Tax (Cash Equivalents of Car Fuel Benefits) Order 1994 No. 3010 URL: http://www.bailii.org/uk/legis/num_reg/1994/uksi_19943010_en.html |
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Statutory Instruments
INCOME TAX
Made
29th November 1994
Laid before the House of Commons
29th November 1994
Coming into force
6th April 1995
The Treasury, in exercise of the powers conferred on them by section 158(4) of the Income and Corporation Taxes Act 1988(1), hereby make the following Order-
1. This Order may be cited as the Income Tax (Cash Equivalents of Car Fuel Benefits) Order 1994 and shall come into force on 6th April 1995.
2. In section 158 of the Income and Corporation Taxes Act 1988 (car fuel) for the Tables in subsection (2) (tables of cash equivalents)(2) there shall be substituted-
| Cylinder capacity of car in cubic centimetres | Cash equivalent |
|---|---|
| 1,400 or less ... ... ... ... | £670 |
| More than 1,400 but not more than 2,000 ... ... ... ... | £850 |
| More than 2,000 ... ... ... ... | £1,260 |
| Cylinder capacity of car in cubic centimetres | Cash equivalent |
|---|---|
| 2,000 or less ... ... ... ... | £605 |
| More than 2,000 ... ... ... ... | £780 |
| Description of car | Cash equivalent |
|---|---|
| Any car ... ... ... ... | £1,260". |
Timothy Kirkhope
Tim Wood
Two of the Lords Commissioners of Her Majesty's Treasury
29th November 1994
(This note is not part of the Order)
This Order substitutes, with effect from 6th April 1995, new tables of flat rate cash equivalents for those set out in section 158(2) of 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 car fuel made available for private use by reason of their employment.
Table A applies where the car has an internal combustion engine with one or more reciprocating pistons and is not a diesel car, and Table AB where the car has an internal combustion engine with one or more reciprocating pistons and is a diesel car. Table B applies where the car does not have an internal combustion engine with one or more reciprocating pistons, and accordingly applies to rotary engined cars.
1988 c. 1; section 158(4) was amended by section 53(3) of the Finance (No. 2) Act 1992 (c. 48).
Section 158(2) was substituted by section 53(2) of the Finance (No. 2) Act 1992 and amended by section 87(1) of the Finance Act 1994 (c. 9).
