EIM24410 - 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.

Capital contributions

»Ê¹ÚÌåÓýapp rules for classic cars in Section 147 exactly mirror those that apply to all other cars in Section 132 ITEPA 2003. »Ê¹ÚÌåÓýapp same effective words are used in both Sections. Guidance can be found as follows:

  • capital contribution is defined at EIM24350
  • amounts qualifying for deduction are specified at EIM24355
  • the years for which a deduction is allowed are specified at EIM24360.