[121B Meaning of “modified cash equivalent”]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[121B  Meaning of “modified cash equivalent”]

[(1)     The “modified cash equivalent” of the benefit of a car for a tax year is calculated in accordance with the following steps (which must be read with subsections (2) to (4))—

Step 1
Find the price of the car in accordance with sections 122 to 124A.

Step 2
Add the price of any accessories which

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