Electric Car Benefit In Kind 2024/25. A secondary factor is the low benefit in kind when leasing or buying an electric car through a company. In 2019, the government announced that company cars producing no co 2 emissions would attract a zero.
The benefit in kind figure for the employee is calculated with £25,000 x 23% = £5,750. Indeed, the electric car benefit in kind (bik) is much.
Reduced Benefit In Kind (Bik) Rates:
A secondary factor is the low benefit in kind when leasing or buying an electric car through a company.
For Electric Cars, Benefit In Kind Tax Is Only 2% Until 2025, Rising By Only 1% Each Year Until 2028.
The employee will then be expected to pay either 20/40/45% tax on £5,750.
Sections 121 To 148 Of The Income Tax (Earnings &Amp; Pensions) Act 2003 (Itepa) Provide For Calculating The Cash Equivalent Of The Benefit Of A Company Car.
Images References :
Co 2 Emissions (G/Km) Electric Range.
For all fully electric cars on sale, the bik rate is just 2% during the 2022/23 tax year at which it will remain during 2023/24.
In Comparison, Petrol And Diesel.
The employee will then be expected to pay either 20/40/45% tax on £5,750.