A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)

Schedule 1   Indirect Tax Acts

Part 2   Amendment of the A New Tax System (Luxury Car Tax) Act 1999

185   Subsection 15-45(2)

Repeal the subsection, substitute:

(2) The increasing luxury car tax adjustment is equal to:

(a) the amount of luxury car tax (if any) that would be payable if the *price of the supply of the car (disregarding any previous *luxury car tax adjustments for the supply) was reduced by the sum of:

(i) the amount or amounts of the debt previously written off as bad; and

(ii) the amount of the debt that has been due for 12 months or more (other than amounts already written off);

and then increased by an amount equal to the amount or amounts recovered; minus

(b) the amount of luxury car tax (if any) payable on the supply of the luxury car, taking into account any previous *luxury car tax adjustments for the supply.