Section 124 — Income Tax (Earnings and Pensions) Act 2003: The notional price of a car with no list price

The notional price of a car with no list price 124 1 In this Chapter a car’s “ notional price ” means the price which might reasonably have been expected to be its list price if its manufacturer, importer or distributor (as the case may be) had published a price as the inclusive price appropriate for a sale of a car of the same kind sold—

a in the United Kingdom, b singly, c in a retail sale, d in the open market, e on the day immediately before the date of the car’s first registration, and f with accessories equivalent to the qualifying accessories (see section 125) available with the car at the time when it was first made available to the employee.

2 In this section “ inclusive price ” has the same meaning as in section 123.