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Are tax-free EVs a no brainer for company car drivers?
The growing range of zero emissions vehicles presents a real opportunity to cut expenses, but there are drawbacks to consider.
With few models to choose from and a frustrating ownership experience, the first wave of electric vehicles (EVs) was a tough sell. But heading into 2020, things are changing.
Company car tax is not only based on CO2 emissions, but also electric driving range. Prior rules stipulated that cars with an electric driving range of 130 miles and above would fall into the 2% car tax band, but these rules were recently scrapped. Pure electric vehicles—those without a tailpipe—will now benefit from an even lower 0% tax rate between 2020-2021. The following two years will see rates rise to 1% and 2% in 2021-22 and 2022-2023 respectively.
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