Section 157 Reduction of cash equivalent where van is sharedF1

United Kingdom

(1)

This section applies if in a tax year a van—

(a)

is available to more than one employee concurrently,

(b)

is so made available by the same employer, and

(c)

is available concurrently for each employee’s private use.

(2)

The cash equivalent of the benefit of the van to each of those employees for that year—

(a)

is to be calculated separately under sections 155 and 156, and

(b)

is then to be reduced on a just and reasonable basis.

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

In this section the reference to the van being available for each employee’s private use includes a reference to the van being available for the private use of a member of the employee’s family or household.

Annotations

Textual amendments

F1: Ss. 155-164 substituted for ss. 155-166 (with effect in accordance with s. 80(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 14 para. 5

Notes on Chapter 6

Modifications

C1: Pt. 3 Ch. 6 modified (6.4.2020 for the tax year 2020-21) by Finance Act 2020 (c. 14), s. 9
C2: Pt. 3 Ch. 6 modified (6.4.2021 for the tax year 2021-22) by Finance Act 2020 (c. 14), s. 10