Section 1157L — Social Security Act 1991: Value of car fringe benefits

(1) This is how to work out the value of a car fringe benefit: Method statement Step 1. Work out the engine capacity of the car and go to the relevant Part of the Car Fringe Benefits Value Table. Step 2. Work out how old the car is and go to the appropriate row in the Table. Step 3. Work out how many complete months in the appropriate tax year the person had or will have the car fringe benefit and go to the appropriate column in the Table: the number where that row and column intersect is the value of the car fringe benefit. Note: If the person is a member of a couple, the value of the car fringe benefit is to be halved in certain circumstances (see subsection (3)). (2) The following Table is to be used in working out the value of a car fringe benefit: CAR FRINGE BENEFITS VALUE TABLE PART A—Car engine size up to 1600cc car age Period of use (completed months) item (years) 1 2 3 4 5 6 7 8 9 10 11 12 1. 1 93.8 188 281 375 469 563 656 750 844 938 1031 1125 2. 2 83.6 168 252 336 420 504 588 672 756 840 923.8 1008 3. 3 74.2 148 223 297 371 445 520 594 668 742 816.4 890.6 4. 4 64.5 129 193 258 322 387 451 516 580 645 709 773.4 5. 5 54.7 109 164 219 273 328 383 438 492 547 601.6 656.3 6. 6 44.9 89.8 135 180 225 270 314 359 404 449 494.1 539.1 7. 7 35.2 70.3 105 141 176 211 246 281 316 352 386.7 421.9 8. 8 25.4 50.8 76.2 102 127 152 178 203 229 254 279.3 304.7 9. 9 15.6 31.3 46.9 62.5 78.1 93.8 109 125 141 156 171.9 187.5 10. 10+ 5.86 11.7 17.6 23.4 29.3 35.2 41 46.9 52.7 58.6 64.45 70.31 PART B—Car engine size 1601cc to 2850cc 11. 1 229 458 688 917 1146 1375 1604 1833 2063 2292 2521 2750 12. 2 210 422 633 844 1055 1266 1477 1688 1898 2109 2320 2531 13. 3 193 385 578 771 964 1156 1349 1542 1734 1927 2120 2313 14. 4 174 349 523 698 872 1047 1221 1396 1570 1745 1919 2094 15. 5 156 313 469 625 781 938 1094 1250 1406 1563 1719 1875 16. 6 138 276 414 552 690 828 966 1104 1242 1380 1518 1656 17. 7 120 240 359 479 599 719 839 958 1078 1198 1318 1438 18. 8 102 203 305 406 508 609 711 813 914 1016 1117 1219 19. 9 83.3 167 250 333 417 500 583 667 750 833 916.7 1000 20. 10+ 65.1 130 195 260 326 391 456 521 586 651 716.1 781.3 PART C—Car engine size more than 2850cc 21. 1 354 708 1063 1417 1771 2125 2479 2833 3188 3542 3896 4250 22. 2 327 656 984 1313 1641 1969 2297 2625 2953 3281 3609 3938 23. 3 302 604 906 1208 1510 1813 2115 2417 2719 3021 3323 3625 24. 4 276 552 828 1104 1380 1656 1932 2208 2484 2760 3036 3313 25. 5 250 500 750 1000 1250 1500 1750 2000 2250 2500 2750 3000 26. 6 224 448 672 896 1120 1344 1568 1792 2016 2240 2464 2688 27. 7 198 396 594 792 990 1188 1385 1583 1781 1979 2177 2375 28. 8 172 344 516 688 859 1031 1203 1375 1547 1719 1891 2063 29. 9 146 292 438 583 729 875 1021 1167 1313 1458 1604 1750 30. 10+ 120 240 359 479 599 719 839 958 1078 1198 1318 1438 (3) If: (a) the person is a member of a couple; and (b) the person’s partner receives a car fringe benefit in the appropriate tax year; and (c) the person’s and the partner’s car fringe benefits relate to the same car; the value of the car fringe benefit is to be halved.