Submitted by Susannah Cook on Fri, 2023-03-31 09:21
Electric Car Salary Sacrifice scheme – coming soon!
The University will be launching its own electric car leasing scheme in the next few months. Following the completion of a thorough procurement exercise, contract documents are being finalised with one of the UK’s leading car leasing suppliers.
Once the scheme launches, staff will be able to access the supplier’s website to view vehicles and seek individual, tailored quotations as well as seeing which vehicles are currently in stock.
Funding an electric car through a salary sacrifice arrangement is fundamentally an agreement with your employer to reduce your annual salary, thus eliminating any associated income tax liability in return for a non-cash benefit, i.e the electric car. There are also derived savings through National Insurance contributions, but a small ‘benefit in kind’ tax will be due. Further information will be available through the University’s appointed supplier’s website.
Staff will have the option to lease a new electric car over a period of 24, 36 or 48 months. The lease package includes servicing, repairs and breakdown cover, as well as comprehensive insurance for up to three drivers. Further details of how the scheme operates can be viewed here. A further update will be coming soon with details of who the new supplier is.
Written by: Mike Davies, Transport Manager.