- Tax and NIC charges on Company Cars
Under income tax legislation, the tax payable by an individual on a company car is assessed on 35% of the new price list up to a maximum of ₤80,000. Where the employee's business mileage is over 18,000 miles, this figure can be reduced by two-thirds and one-third in the case of mileage between 2,500 and 17,999 miles. If a car is over four years old, a further one third reduction is allowed. There are special rules on classic cars. Income tax and NIC payable by the employee on the provision of fuel follows similar principles to those applicable on cars. Allowances for use of employee's cars must be within set limits otherwise they will taxable. Use of pool cars does not normally render the employee liable to pay tax. A new system for taxing company cars will be introduced in April 2002.
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