SolvedSection 53 | Car fuel: cash equivalents.
From legislation.gov.uk
(1)Section 158 of the Taxes Act 1988 (car fuel) shall be amended as follows.
(2)For subsection (2) (cash equivalents) there shall be substituted—
(2)Subject to the provisions of this section, the cash equivalent of that benefit shall be ascertained from—
(a)Table A below where the car has an internal combustion engine with one or more reciprocating pistons and is not a diesel car;
(b)Table AB below where the car has an internal combustion engine with one or more reciprocating pistons and is a diesel car;
(c)Table B below where the car does not have an internal combustion engine with one or more reciprocating pistons.
| Cylinder capacity of car in cubic centimetres | Cash equivalent |
|---|---|
| 1,400 or less | £500 |
| More than 1,400 but not more than 2,000 | £630 |
| More than 2,000 | £940 |
| Cylinder capacity of car in cubic centimetres | Cash equivalent |
|---|---|
| 2,000 or less | £460 |
| More than 2,000 | £590 |
| Original market value of car | Cash equivalent |
|---|---|
| Less than £6,000 | £500 |
| £6,000 or more but less than £8,500 | £630 |
| £8,500 or more | £940 |
(2A)For the purposes of subsection (2) above a diesel car is a car which uses heavy oil as fuel; and “heavy oil” here means heavy oil as defined by section 1(4) of the Hydrocarbon Oil Duties Act 1979.
(2B)For the purposes of Tables A and AB in subsection (2) above a car’s cylinder capacity is the capacity of its engine calculated as for the purposes of the Vehicles (Excise) Act 1971.
(3)In subsection (4) (Treasury orders) for “either" there shall be substituted “ any ”.
(4)This section shall have effect for the year 1992-93 and subsequent years of assessment.