Tonnage Tax Regulations 2000: Regulation 5
Expensive motor cars – writing-down basis
SI00/2303/REG5(1) This regulation applies to motor cars described in regulation 4(1)(a).
(2) The written down value of the paragraph 85(2)(a) amount for the motor car shall be determined in accordance with the following provisions:
The paragraph 85(2)(a) amount for the motor car shall be reduced by £3,000 for each complete year in the qualifying holding period, subject to Rule 2.
Rule 1 shall cease to apply at the end of the complete year where the paragraph 85(2)(a) amount is first reduced below £12,000, and Rule 3 shall thereafter apply to that amount as reduced at the end of that year (“the reduced amount”).
The table in regulation 4(3) shall apply to the reduced amount, in relation to any subsequent period in the qualifying holding period, as if for the date mentioned in regulation 4(4)(a) there were substituted a reference to the end of the year mentioned in Rule 2.
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