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Tax on EVs

Tax on electric cars (EVs) seems to be ever changeable. However if you own a company or are looking at one as a company car, now could be considered a perfect time to own one. For company owners if you're buying the car for cash or on a purchase finance agreement, generally your company can get the corporation tax back on the purchase price in the first year. If the vehicle is leased you don't get the corporation tax allowance but you can claim back some or all of the VAT against the monthly lease cost.

In either case if it’s a company car you get 0% BiK this year (2020) followed by 1% next year and 2% the following. Compare that to a gas guzzling ICE vehicle and you could be paying over 35%. With grants against the purchase price and wall chargers now will probably go down as the most tax efficient time to buy an EV ever.

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