Salary sacrifice for company cars seemed to be a bit dead in the water, yet it seems to be making a sudden resurgence.
The reason. Quite simply because we have entered into a potentially unique bubble of time which looks set to span the next 5 years or so when the financial benefits of Salary Sacrifice look interesting again thanks to the Government’s hugely attractive benefit in kind (BIK) rates on ultra-low emission and electric vehicles. Effectively, anything under 50gsm/km CO2.
According to Jim Clark, group finance director of the Grosvenor Group, if employees opt to sacrifice a part of their salary and, instead, have a sub 50gsm/km company car, the financial benefits for both employee and employer are looking particularly strong.
The benefit in kind rules, particularly for ULEVs, combined with the employer’s purchasing power, and a scheme backed by an established vehicle provider, result in significant savings for employees, compared to financing the car privately, whilst representing genuine cost savings for the company.
Grosvenor Leasing has a salary sacrifice scheme in place, and interest is growing. For more information, why not call one of our friendly team on 01536 536 536.