EIM22095 - Van benefit to 2004/05: basic value of a shared van
Section 163 ITEPA 2003
The basic value of a shared van is calculated as follows:
| Step 1 | EIM22067 | Determine the age of the van. |
| Step 2 |
| If the age of the van is less than 4 years at the end of the tax year in question, the interim value of the van is £500. |
| In any other case, the interim value of the van is £350. | ||
| Step 3 |
| Make a deduction from the interim value if there are any excluded days during the tax year in question. |
| The amount of the deduction is given by the formula: | ||
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| where: | ||
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In the above, an excluded day means a day on which:
- the van is not a shared van (see EIM22070), or
- the van is incapable of use (i.e. if the day falls within a period of 30 days or more throughout which the van is incapable of being used at all. Such a period may span two tax years.)
Years from 2005/06 onwards
Full guidance on van benefit for these years can be found using the contents page at EIM22700.
