Employee has been working for employer for 25 years, and now retires.
Employer has never before taken advantage of s.323 IT(EP)A 2003
http://www.opsi.gov.uk/acts/acts2003/ukpga_20030001_en_16#pt4-ch11-pb6-l1g323
as amended by reg 3, SI 2003/1361
http://www.opsi.gov.uk/si/si2003/20031361.htm#3
Employee has had the benefit of a company car, up to retirement, the original cost of which and list price when new was signficant, say about £20K, but open market value on date of retirement is more like £2K.
Employer agrees to sell said car to employee on his retirement for a reduced price of £750.
Can the parties rely on s.323 to exempt from Income Tax (and class 1A NIC) the discount in price?
Thanks
Clint Westwood