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Company car costs
KEY POINTS
- The tax costs of company cars have increased in recent years and this shows no sign of abating.
- More complexity to the rules has been introduced by recent changes relating to salary sacrifice.
- Personal contract schemes and the question of whether a transfer of ownership has taken place.
- Relevant factors when considering whether a car is provided ‘by reason of employment’.
- Will employee car ownership schemes come back into favour?
The large increases in the taxable benefits of company cars have caused much worry for those who are provided with such vehicles their employers and indeed the leasing providers that supply them. With the upcoming Budget statement on 29 October 2018 there is a feeling that the chancellor is unlikely to relax his taxation policy in this...
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