All taxed-up and nowhere to go. What HMRC’s new report says about the future of company cars.
The UK taxman’s latest report on benefit-in-kind tax does not look good for the future of company cars. Or for government revenues. It reveals that the £2.5 billion the government gets each year from car, van and fuel benefits is now in danger of drying up. The reasons are a mix of short-sighted increases in BIK rates, ‘dieselgate’ and new emissions tests. These are sending company car drivers up a cul-de-sac where they can no longer