Commentary on Sections Example 3 £150(Pe) – £50(E) = £100 Section 122: The price of the car
450.This section states what is meant by “the price of the car” and, in particular, introduces the concept of “the notional price” for the case where a car has no list price. It links to other provisions for the calculation of the cash equivalent of the car benefit. The section derives from part of section 168A(1) of ICTA.