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NICK LLOYD puts some polish on the car benefit rules
KEY POINTS
- Is a company car beneficial bearing in mind the higher tax rates?
- Possible factors to consider regarding the choice.
- Might a low-price fuel-efficient car be best?
- Does the vehicle fall within the van definition?
- The benefits of a classic car.
We are all now familiar with emission-based benefit-in-kind rates for cars which were introduced as a means of encouraging company car drivers to take a lower emission car in order to cut the tax charge.
This incentive continues through a reduction in the lower threshold which will make a car with a particular emissions level increasingly expensive: between 2009/10 and 2012/13 the base threshold drops such that for a car with emissions of say 140g/km there will be a 3% increase in the benefit-in-kind charge.
For a...
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