The Government recently announced reforms to salary sacrifice schemes in its Autumn Statement 2016, following a consultation earlier this year. In summary the reforms remove the tax advantages of salary sacrifice car schemes, except for cars that are ‘ultra-low emission’ (emissions under 75g/km). In light of these reforms the CAMbens Cars Scheme is available in respect of ultra-low emission vehicles only.
The Government has confirmed that current agreements are protected.
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CAMbens Cars is a salary exchange car scheme that provides eligible employees with the opportunity to drive a fully insured car for two years with the additional benefits of maintenance including tyre and glass replacement, road fund licences, servicing, breakdown assistance and accident management all included.
The scheme offers employees a cost effective way to choose a car as the salary exchange arrangement means employees are able to receive Tax and National Insurance savings. Employees will also benefit from the attractive discounts that have been agreed with suppliers and no deposit is required.
Vehicles on offer under the CAMbens Cars scheme qualify as ultra-low CO2 emission vehicles (cars emitting 75g/km of CO2 or less), promoting sustainability and encouraging modes of transport for employees which minimise environmental impact.