According to HMRC, employees receive a benefit-in-kind (“BIK”) when they obtain a car through a salary sacrifice scheme. HMRC imposes an additional tax on the BIK received by that employee, and the BIK rate is currently set at 2% of the P11D value of the car until the ‘24/’25 tax year. This will then increase by 1% annually until the ‘27/’28 tax year (per the annual Finance Act).
Any tax estimates provided by The Electric Car Scheme for after 5 April 2028 are estimates only.