Section 130 — Income Tax (Earnings and Pensions) Act 2003: The notional price of an accessory

The notional price of an accessory 130 1 In this Chapter the “notional price” of an accessory means the inclusive price which it might reasonably have been expected to fetch if sold—

a in the United Kingdom, b singly, c in a retail sale, d in the open market, and e at the time immediately before the accessory concerned is first made available for use with the car.

2 The “ inclusive price ” means the price inclusive of—

a any charge for delivery by the manufacturer, importer or distributor to the seller’s place of business, b any relevant taxes other than car tax (see section 171(1)),

and c in the case of an accessory permanently attached to the car, the price which the seller would charge for attaching it.

3 In the case of an initial extra accessory, the time referred to in subsection (1)(e) may be a time before the car is first made available to the employee.