Commentary on Sections Schedule 7: Transitionals and Savings Part 3: Employment income: earnings and benefits etc. treated as earnings Paragraphs 22
3666.This paragraph deals with capital contributions made by an employee before 6 April 2003 towards the cost of a car, other than a classic car (as dealt with in section 147) or accessories attached to it. The paragraph ensures that those contributions continue to be taken into account in calculating the cash equivalent of the benefit of the car for appropriate tax years beginning on or after that date. The paragraph also deals with changes in terminology between the source legislation and this Act.