Paragraph 11B F1

This paragraph applies for the purposes of determining the value of a supply consisting of the letting on hire of a motor vehicle on relevant benefit terms.

But this paragraph is to be ignored for the purposes of Schedule 1 (VAT registration).

“Relevant benefit terms” is to be construed in accordance with paragraph (2) of item 15 in Group 12 in Schedule 8 (zero-rating).

Any amount of consideration for the letting that falls within sub-paragraph (d) of that paragraph (payments of relevant benefits) is to be disregarded in determining the amount of the consideration for the purposes of calculating the value of the supply under this Act.