Pass legislation that allows electric vehicle (EV) personal lease holders to claim a deduction against their tax return, resulting in the same post-tax cost as business leases where those using the leased vehicle pay tax at the prevailing Benefit in Kind rate.
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Current EV tax advantages primarily benefit businesses and staff using company cars, and salary sacrifice scheme participants. A 40% tax-paying individual can have an effective cost of 70% more on a personal lease vs. the cost of a business leasing a car due to personal income taxes and low Benefit-in-Kinds on EVs. We believe equalising the effective cost of leasing an EV for personal lease holders will create a fairer cost structure that encourages EV adoption and helps the UK in its net zero ambitions.