The list of vehicles is still somewhat exhaustive – BMW i3, Hyundai Ioniq electric, Nissan Leaf, Jaguar I-Pace, Tesla Model S and X and VW e-Golf for example. ![]() To qualify for this grant, a car must emit less than 50g/km of CO2 and travel at least 70 miles without any emissions. Electric grant reduction – the maximum grant is now only £3,500 for a qualifying vehicle. Even alternative fuels, like PHEV and hybrids, will not be completely affordable andĤ. In a nutshell, the UK Government are continuing to increase the tax which applies to company cars by increasing the thresholds on CO2 for calculation of BIK ratios. For any employee using a company car they will pay Benefit in Kind (BiK) which is based on the car’s CO2, the P11d and the employees income tax status (20/40/45%). Company car tax – having a company car is a benefit to the employee and this is not “free”. This will apply to any accounts produced after Jan 2019 and will only exclude items which are less than 5,000 Euros or less than a 12 month contract ģ. Historically, contract hire vehicles were considered an off-balance sheets and so did not influence the gearing ratio for a company. As of 1 January 2019, the IASB (International Accountancy Standards Board) have introduced a new policy (IFRS 16) so that all current and future lease activity must show ON balance sheet. The rentals allowable for corporation tax are 100% only if the CO2 is 110g/km or less – only certain vehicles meets this criteria Ģ. The changes in the market have come about for a number of reasons for example:ġ. The customer here was quite representative of many customers who we now work alongside they were a company car driver that was instead receiving a car allowance ( cash for car) and therefore needed to look for a new personal contract hire deal. As consumer habits have altered dramatically over the last 5 years manufacturers are only continuing to invest into SUV options and petrol engines, as they look to satisfy the demand. With parking for many households becoming more difficult (not everyone has off-road parking), the bigger SUV options in the form of the Kadjar or Koleos would not be most practical. ![]() ![]() The Catpur is equivalent to a Clio in terms of internal cabin space coupled with a higher driving positon this is a small SUV option which is aimed for those drivers who want an elevated driving position for comfort/safety but do not want a car which is too big. One of Renault’s best-selling vehicles, the Captur is an ideal product for the UK automotive market as it fulfils the “SUV-centric” public. Thank you to our local personal lease customer, from Leigh ( Greater Manchester), for visiting the CarLease UK team to collect their brand-new car – the Renault Captur.
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