Section 24 — Finance Act 2014: Cars: the appropriate percentage

Cars: the appropriate percentage 24 1 Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars, vans and related benefits) is amended as follows. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Section 139 (cars with a CO 2 figure: the appropriate percentage) is amended in accordance with subsections (4) to (6).

4 In subsection (2) —

a in paragraph (a) for “5%” substitute “ 7% ” , b in paragraph (aa) for “9%” substitute “ 11% ” , and c in paragraph (b) for “13%” substitute “ 15% ” .

5 In subsection (3), for “14%” substitute “ 16% ” . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Section 140 (cars without a CO 2 figure: the appropriate percentage) is amended in accordance with subsections (8) to (10).

8 In subsection (2), in the Table —

a for “15%” substitute “ 16% ” , and b for “25%” substitute “ 27% ” .

9 In subsection (3)(a), for “5%” substitute “ 7% ” . 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12 Section 142 (car first registered before 1st January 1998: the appropriate percentage) is amended in accordance with subsections (13) and (14).

13 In subsection (2), in the Table —

a for “15%” substitute “ 16% ” , b for “22%” substitute “ 27% ” , and c for “32%” substitute “ 37% ” .

14 In subsection (3), for “32%” substitute “ 37% ” . 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 In consequence, section 23(4) and (5)(b) of FA 2013 is omitted.

17 The amendments made by this section have effect for the tax year 2016-17 and subsequent tax years.