Section 162 Van fuel: nil cash equivalentF1

United Kingdom

(1)

The cash equivalent of the benefit of the fuel is nil if condition A or B is met.

(2)

Condition A is met if ...—

(a)

F2in the tax year in question, the employee is required to make good to the person providing the fuel the whole of the expense incurred by that person in connection with the provision of the fuel for the employee’s private use, and

(b)

the employee does make good that expense F3on or before 6 July following that tax year .

(3)

Condition B is met if in the tax year in question the fuel is made available only for business travel (see section 171(1)).

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
F2: Words in s. 162(2)(a) inserted (with effect in accordance with s. 1(14) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 1(11)(b)
F3: Words in s. 162(2)(b) inserted (with effect in accordance with s. 1(14) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 1(11)(c)

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