Section 47 | Cars available for private use. ^F1

(1)Schedule 6 to the Taxes Act 1988 (cars available for private use: cash equivalent of car) shall be amended as follows.^F1

(2)In paragraph 2(1) (reduction for business travel: 18,000 miles and above)—^F1

(a)for “in the year concerned” substitute “ in a year ”, and^F1

(b)for “the amount ascertained under paragraph 1 above, reduced by two thirds” substitute “ 15 per cent. of the price of the car as regards the year ”.^F1

(3)In paragraph 2(2) (reduction for business travel: 2,500 to 18,000 miles)—^F1

(a)for “in the year concerned” substitute “ in a year ”, and^F1

(b)for “the amount ascertained under paragraph 1 above, reduced by one third” substitute “ 25 per cent. of the price of the car as regards the year ”.^F1

(4)For paragraph 4(a) (two or more cars) substitute—^F1

(a)paragraph 2(1) above shall have effect as if for “15 per cent.” there were substituted “25 per cent.”

(5)In paragraph 5 (reduction for age of car), for “one third” substitute “ one quarter ”.^F1

(6)This section has effect for the year 1999-00 and subsequent years of assessment.^F1