Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars etc) is amended as follows.
In section 116(3) (meaning of when car is available), after "to section" insert ." 124A or "
In section 121(1) (method of calculating cash equivalent of benefit of car), in step 1, for "124" substitute ." 124A "
In section 122 (price of car), the existing provision becomes subsection (1) of that section and after that subsection insert—
After section 124 insert—
The amendments made by this section have effect for the tax year 2009-10 and subsequent tax years.