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A NEW TAX SYSTEM (LUXURY CAR TAX) ACT 1999 - SECT 15.45
Recovering amounts previously written off
- (1)
- You have an increasing luxury car tax adjustment if:
- (a)
- you made a * taxable supply of a luxury car in relation to which you had a
* decreasing luxury car tax adjustment under section 15-40 for a debt written
off as bad; and
- (b)
- you recover the whole or a part of the amount written off.
- (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 *
luxury car tax value relating to the supply of the car were an amount equal to
that value reduced by the amount of the debt previously written off as bad and
then increased by an amount equal to the amount recovered; minus
- (b)
- the amount of luxury car tax (if any) that would be payable if the *
luxury car tax value of the car were an amount equal to that value reduced by
an amount equal to the amount of the debt previously written off as bad.
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