14 September 2006
My client, a director of a close company, is proposing to contribute £5,000 towards the cost of a company car which is to be made available to him on the understanding that all except for £100 of this will be refunded to him when the car is eventually sold or part exchanged. This would seem to satisfy the requirements in step 3 of the method of calculating the cash equivalent of the benefit of the car as provided for in ITEPA 2003, s 121.
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