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It is important to keep alert to the changes relating to company vehicles
Tax advisers are often asked about the taxation of company cars and may well be consulted over the funding method which should be adopted.
This is an area of taxation that is always evolving and is once again under scrutiny. Recent government announcements include the following:
- New benefit rates will be applicable to company cars up to and including 2015/16. These proposed changes see a significant uplift in the tax payable on the company car but offer some good news from 2015/16 for diesel vehicles. Taxpayers taking a company car now will most likely be taking a three or four year lease and will therefore be subject to these changes.
- The lowering of the restriction for capital allowances purposes from April 2013 on vehicles with a carbon dioxide emission in excess of 130g/km (previously 160g/km) means those purchasing a company car after...
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