Part 2 Restrictions on Deductions for Hire Expenses
Finance Act 2009 (2009 c 10) | Legislation

Part 2 Restrictions on Deductions for Hire Expenses

Income tax

34

ITTOIA 2005 is amended as follows.

35

In section 31(1)(b) (relationship between rules prohibiting and allowing deductions), omit “or motor cycleâ€.

36

(1)     Section 48 (rules restricting deductions from profits: car or motor cycle hire) is amended as follows.

(2)     In subsection (1), for the words from “or motor cycleâ€, in the first place, to the end substitute “which is not—

(a)     a car that is first registered before 1 March 2001,

(b)     a car that has low CO2 emissions,

(c)     a car that is electrically propelled, or

(d)     a qualifying hire car.â€

(3)     In subsection (2), for the words from “multiplying†to the end substitute “15%â€.

(4)     In subsection (4), for “multiplying it by the fraction in subsection (2)†substitute “15%â€.

(5)     In subsection (4A)(a), (b) and (c), omit “or motor cycleâ€.

(6)     Omit subsection (5).

(7)     In the heading, omit “or motor cycleâ€.

37

(1)     Section 49 (car or motor cycle hire: supplementary) is amended as follows.

(2)     In subsection (1)—

(a)     omit “or motor cycleâ€,

(b)     omit “oneâ€,

(c)     before paragraph (a) insert—

“(³ú²¹)

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