An electric vehicle leasing company has unveiled a new lease program dubbed Electric Dreams that will give employers the ability to lease out virtually any battery electric vehicle (“BEV”) to their employees through salary sacrifice schemes. The service, which will be provided by EV leasing provider Octopus Electric Vehicles, will allow employees to sacrifice part of their tax-free salary in exchange for a fully electric vehicle of their choice.
By taking advantage of the low Benefit in Kind tax rates that are currently charged on electric vehicles, Electric Dreams claims that drivers who have already signed up are saving an average of £14,445 ($19,867) over a three-year period. Charged at 1% from 2021–22 and at 2% for the next three years, the Benefit in Kind tax for EVs is low compared to the 25%–35% levied on internal…
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