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For the purpose of calculating the cash equivalent of the benefit from private use (see E4.620A) the price of the car is the list price, if it has one, or if it does not have a list price, the notional price¹. For HMRC guidance on the list price and notional price, see EIM24050–EIM24180. See also E4.620A regarding automatic cars provided to disabled employees. Whether the list pice or notional price is used, the price is determined as at the day before that on which it was first registered². The date of first registration is that under the Vehicle Excise and Registration Act 1994 or corresponding legislation of any country or territory³.The price may need to be increased by the list price or notional price of any accessories subsequently added (see E4.620D).

The price as defined above applies regardless of whether the car was unused or second-hand when acquired by the employer and/or made available to the particular employee.