Budget 2003: Tax Reforms for Privately-used Company Vans

• Author:
• BDO Stoy Hayward

The Government has announced it will shortly begin a consultation process to reform the current basis for taxing company vans.

Employee's who have private use of a company van currently bear a flat tax charge of £500 per annum, reducing to £350 for vans over four years old. Employers also suffer Class 1A NIC on the same charge.

Although no date for the consultation process has been confirmed, this announcement follows on from the recent clarification of the confusion that arose over the c... (111 more words)

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