The Income Tax (Car Benefits) (Reduction of Value of Appropriate Percentage) Regulations 2001
Schedule 6 to the Income and Corporation Taxes Act 1988 (c. 1) (“Schedule 6”) is amended by Schedule 11 to the Finance Act 2000 (c. 17) so as to provide for a new system for taxing car benefits from 6th April 2002. Under the new system the income tax charge on the benefit of a car will be calculated by reference to a percentage for the year (“the appropriate percentage”) of the price of the car as regards that year.