Income Tax (Earnings and Pensions) Act 2003 section 123

The list price of a car

Section 123 defines what is meant by the "list price" of a car for the purposes of calculating the car benefit charge, covering the most common situation where a published price exists.

• The list price is the published retail price from the manufacturer, importer or distributor for a single car sold in the open market in the UK on the day before first registration
• You look first to the manufacturer's price, then the importer's, then the distributor's to find the relevant list price
• The list price must be an inclusive price, meaning it includes delivery charges to the seller's premises and all relevant taxes
• This definition applies throughout the car benefit chapter and forms the starting point for calculating the taxable benefit