Clarity on Benefit in Kind tax
gives company car drivers insight into future costs, says Ian Hughes
Cost will always be one of the key decision-making factors in
the provision of vehicles, whether that is fleet vehicles such as
company cars and vans or vehicles for private use. The fleet landscape
is heavily influenced by taxation and, with Benefit in Kind (BIK)
tax being one of the main taxes payable by company car drivers, knowing
where the future is heading is important for both fleet buyers and
drivers.
The CO2 emission-based BIK tax regime was first introduced in
2002 and, according to figures from the Society of Motor Manufacturers
and Traders (SMMT), average emissions of new company cars have fallen
by over 20% from 2001 to the end of 2011.
