Electric Cars – Are They still Tax-Efficient?
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The tax policy is mainly used to influence the behavior and also collect revenue. For instance, this is the case of the company car tax rolls that tax High Commission cars heavily and reward the drivers for choosing electric cars and other low emission models. Why should you consider emissions for tax? The employees are taxed on the benefit that this provides when they have a company card available for their private use. The taxable amount is generally the percentage of the appropriate percentage of the list price of the car and other accessories. The charge is then adjusted to reflect the contributions of the capital, which the employee makes for some time when the car is unavailable, and payment is also made for private use. The appropriate percentage mainly depends on the CO2 emissions of the car, with a minimum charge applying to vehicles with low emissions. For 2020 twenty, 2021 and 2021, or 2022 it also depends on whether the vehicle was registered before 6 April 2020 or after