Section Sch5-3 — Income Tax Act 2007

3 In this schedule, a motor vehicle’s tax value in a quarter, tax year, or income year is— (a) the value of the vehicle as determined under subpart EE for the beginning of the tax year or income year, if paragraphs (b) and (c) do not apply; or (b) the cost price of the vehicle, if the vehicle is acquired after the beginning of the tax year or income year, and paragraph (c) does not apply; or (c) determined under clause 4 if, in the period of 2 years before the vehicle's acquisition by the person ( person A ) providing it to the employee, the vehicle is owned by person A or by a person ( person B ) associated with them. Schedule 5 clause 3(a): amended (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Schedule 5 clause 3(c): substituted (with effect on 1 April 2008), on 6 October 2009, by section 580(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).