BAILII is celebrating 24 years of free online access to the law! Would you consider making a contribution?
No donation is too small. If every visitor before 31 December gives just £1, it will have a significant impact on BAILII's ability to continue providing free access to the law.
Thank you very much for your support!
 |
[Home] [Databases] [World Law] [Multidatabase Search] [Help] [Feedback] | |
United Kingdom Statutory Instruments |
||
|
You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Car Fuel Benefit Order 2008 No. 511 URL: http://www.bailii.org/uk/legis/num_reg/2008/uksi_20080511_en_1.html |
||
[New search] [Help]
Made
26th February 2008
Laid before the House of Commons
27th February 2008
Coming into force
19th March 2008
The Treasury make the following Order in exercise of the powers conferred by section 170(5) and (6) of the Income Tax (Earnings and Pensions) Act 2003(1).
1.–(1) This Order may be cited as the Car Fuel Benefit Order 2008.
(2) This Order shall come into force on 19th March 2008 and has effect for the tax year 2008-09 and subsequent tax years.
2. In section 150(1) of the Income Tax (Earnings and Pensions) Act 2003 (car fuel: calculating the cash equivalent) for "£14,400" substitute "£16,900".
Alan Campbell
Dave Watts
Two of the Lords Commissioners of Her Majesty´s Treasury
26th February 2008
(This note is not part of the Order)
This Order amends section 150(1) of the Income Tax (Earnings and Pensions) Act 2003 ("the Act").
Where an employee receives fuel for a car by reason of his or her employment, the cash equivalent of the benefit of the fuel is treated as earnings from employment under section 149 of the Act and is subject to tax and national insurance contributions.
The cash equivalent of the benefit is calculated by applying the "appropriate percentage" (calculated by reference to the CO2 emissions of a car) to the figure of £14,400 in section 150(1) of the Act.
Article 2 of this Order increases the figure in section 150(1) of the Act to £16,900.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
2003 c. 1. Subsection (5) was amended by paragraph 7(4) of Schedule 14 to the Finance Act 2004 (c. 12). Back [1]
