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Dear sir,
I had a doubt regarding the car benefit.In the calculation for car benefit, do we subtract contribution by employee for private use twice (ie, once for adjusted list price and the other after calculating co2 emission % * adjusted list price ) or do we just subtract it from the car list price * emission %?
Thanks.
The CAPITAL contribution towards the original cost of the car is deducted from the List Price in computing the amount of the car benefit for each tax year.
The REVENUE contribution made each year to the employer for the beneficial use of the car is then deducted from the basic car benefit calculation to determine the assessable benefit in a tax year.
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