EIM23203 - Car benefit: 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 EIM23101 (this page relates to step 3)
• the definition of a classic car at EIM23200.

Capital contributions

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:

• capital contribution is defined at EIM23190
• amounts qualifying for deduction are specified at EIM23191
• the years for which a deduction is allowed are specified at EIM23192.