UK Company Car BIK

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Joined: Wed Jun 20, 2018 9:31 am
Location: United Kingdom

UK Company Car BIK

Post by nphanks » Fri Jul 06, 2018 8:21 am

Looking at ordering an as my next company car to replace my current vehicle, which is due for replacement early 2018. Does anyone know whether the BIK cost will change year on year through the lease, based upon the appropriate rate for each year, or will I always be paying the rate that applied in the year I received the car? I believe it will change year on year, however others have suggested that might not be the case...

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Joined: Thu May 31, 2018 5:27 pm
Location: Worcestershire

Re: UK Company Car BIK

Post by tomsurfer » Fri Jul 06, 2018 10:01 am

The BIK for 0 CO2 is already set out for the next 3 tax years, and this is what you will pay. When you buy the car is irrelevant.

2018/19 13%
2019/20 16%
2020/21 2%

Historically the BIK rates for the next 3 years are not changed once announced so that people can plan ahead.

However Government's can choose to change tax as they wish.

Nobody knows what it will be from from 2021/22 onwards, but if the sale of BEV's increase substantially, then the Government is bound to increase the % substantially in response so that revenue is not lost. Substantial Fuel Duty revenue will also be lost as the number of BEV's increase, and will need to be recovered from somewhere.

First Edition Photon Red / Light Oyster

Reserved 21 November 2016, Ordered 6 March 2018, Built 20 September 2018, Handover 29 October 2018.

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