Archived Company car drivers face paying thousands more in tax (dailymail.co.uk)
submitted ago by Lifelonghabit
Posted by: Lifelonghabit
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Archived on: 2/12/2017 1:51:00 AM
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Archived Company car drivers face paying thousands more in tax (dailymail.co.uk)
submitted ago by Lifelonghabit
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[–] derram ago
https://archive.is/NGy0S :
'The government may scrap low tax rates for employees who make use of company car schemes, it has emerged. ', "Mrs Glindon told The Sunday Telegraph company car drivers should not be punished for 'doing the right thing'."
'So instead of having to pay 40 per cent income tax on £7,520 – or £3,008 – a higher rate taxpayer would have to pay 40 per cent tax on £3,060 – or £1,224. '
'The employee will still have to pay tax and National Insurance – and the employer National Insurance – on the car’s value for tax purposes. '
'This would mean an employee driving an eco-car in the 40 per cent tax bracket would have to pay more than £5,000 over a three-year company car contact, The Sunday Telegraph reported. '
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