Leading vehicle leasing company, Zenith, embarked on Westminster Wednesday 13th July as part of a campaign to urge the Chancellor to continue to support the uptake of electric vehicles (EV) by keeping Benefit-in Kind (BiK) tax rates low and giving foresight to drivers of their costs beyond 2024/25.
Co-sponsoring the event hosted by industry board BVRLA, the Leeds-based company was part of a drive-by event outside the Houses of Parliament. Using branded electric vehicles, MPs were able to explore the cars whilst Zenith educated them on how company car and salary sacrifice schemes are vital to continue the momentum of electric vehicle adoption, in the hope of encouraging the Chancellor to act in the Autumn Budget.
Currently, the BVRLA is highlighting that nearly 60% of electric vehicles on the UK roads are company-registered, while 80% of salary sacrifice orders are for battery electric vehicles which is due to their low BiK tax rates. As part of the campaign, both Zenith and the BVRLA has warned that raising rates by too much too quickly will have a negative impact on the UK’s Road to Net Zero and prevent access to affordable EVs for many employees.
Ian Hughes, CEO of Zenith Corporate Division, said: “We need a long-term view and assurance that the Benefit-in-Kind tax rates remain low to 2030 to continue to encourage drivers to make an EV their next vehicle choice.
“The lack of foresight beyond 2025 causes uncertainty of driver’s costs, and the Government can’t be complacent and let the uptake of electric vehicles stall by not committing to “appropriate” BiK rates. It’s more important than ever to continue the charge, and we’re pleased to have been able to speak to MPs with the hope of adding this important EV taxation to the Chancellor’s autumn agenda.”