Car benefit calculation Steps 1-4, classic car: capital contributions
Section 147(5) to (7) ITEPA 2003
Before reading the guidance that follows this paragraph, ensure that you are familiar with:
- the method statement in Section 121(1) ITEPA 2003, see EIM24015 (this page concerns steps 1-4)
- the definition of a classic car at EIM24400.
The rules for classic cars in Section 147 exactly mirror those that apply to all other cars in Section 132 ITEPA 2003. The same effective words are used in both Sections. Guidance can be found as follows: