Including details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances.

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1 BMW Corporate Sales bmwcorporate.co.uk The Ultimate Driving Machine Company Car tax. 2014/2015. Including details of the 2014 emissions-based changes, Vehicle Excise Duty and fuel allowances. Whille we have made every effort to ensure the information in this document is accurate, BMW (UK) Ltd can accept no liability for your reliance on any information contained in it. You should seek your own independent financial advice in relation to any taxation or accounting matters referred to in this document. Information correct at date of publication, March 19, 2014

2 Introduction. Budget 2014 implemented the company car tax measures unveiled in 2013, confirming the new percentages for 2014/15, with maintenance of the lowest rate at 5% (8% for diesels). The future of the CO2 emissions-based company car tax system was also clarified, with details confirmed of the sliding scale percentage thresholds for 2017/18 and 2018/19. With the abolition of the 3% diesel tax charge in April 2016, which enables diesels to be taxed at the same lower rates as petrol cars, drivers of diesel cars can look forward to a slight reduction in their BIK tax liability in 2016 compared with the previous year, as the relevant percentages for diesels in the sliding scale for 2016/17 are lower than for 2015/16. Meanwhile, an inflation-linked rise in annual VED rates raised further the level of Showroom Tax applicable to cars with CO2 emissions of 166g/km and above. In other developments, the Budget announced another rise in the fuel benefit charge, used for calculating tax on fuel provided for private mileage. But there was good news for motorists with the cancellation of the fuel duty rise planned for this September, and a commitment from the Chancellor that fuel duty will be frozen for the remainder of the Parliament. This guide examines Budget 2014 in detail.

3 Vehicle excise duty. BMW EfficientDynamics comprises a range of advanced technologies designed to save fuel and reduce CO 2 emissions in every BMW car. VED bands and rates: 2014/15 VED CO / /15 2 Band emissions First year Standard (g/km) rate rate A Up to B Technologies that include Auto Start- Stop, Electric Power Steering, Brake Energy Regeneration and Reduced Rolling Resistance Tyres. All are fitted as standard on many BMW models, resulting in CO 2 emissions as low as 99g/km and combined fuel consumption of up to 74.3mpg. The existing 13-band Vehicle Excise Duty (VED) structure remains in place for 2014/15, with rates rising in line with the Retail Price Index from April 1, The new rates are shown in the table, right. Cars in Band H and above attract a Showroom Tax of up to 590 in the first year, while the standard rates for cars in Bands B and C are unchanged from 2013/14. New cars with CO2 emissions of up to 100g/km remain 100% exempt from VED in 2014/15, while those with CO2 emissions of 130g/km or less are exempt from first year VED. C D E F G H I J K L M Over 255 1, : Includes cars emitting over 225g/km registered between 1 March, 2001 and 23 March, : Alternative fuel discount 2014/15: 10 for all cars. Combined with advanced Lightweight Engineering that reduces the car s weight for enhanced driving dynamics, and even the use of special Low- Friction Fluids in the drivetrain, BMW EfficientDynamics defines our approach to building cleaner, more cost-efficient and rewarding company cars. BMW EfficientDynamics Less emissions. More driving pleasure.

4 Company car tax. Taxable percentages of P11D value Vehicle BIK % BIK % BIK % BIK % CO 2 (g/km) 2014/ / / / (8) (8) 5 (8) (8) 9 (12) (14) 13 (16) (15) 14 (17) (16) 15 (18) (17) 16 (19) (18) 17 (20) (19) 18 (21) (20) 19 (22) (21) 20 (23) (22) 21 (24) (23) 22 (25) (24) 23 (26) (25) 24 (27) (26) 25 (28) (27) 26 (29) (28) 27 (30) (29) 28 (31) (30) 29 (32) (31) 30 (33) (32) 31 (34) (33) 32 (35) (34) 33 (36) (35) 34 (37) (35) 35 (37) (35) 36 (37) (35) 37 (37) (35) 37 (37) (35) 37 (37) Figures in brackets apply to diesels. Diesel hybrids are exempt from the 3% charge in 2014/15 and 2015/16. In 2016/17, the 3% diesel charge is abolished Company car Benefit-in-Kind (BIK) tax rates for 2014/15 to 2017/18 are shown in the chart, above right. For 2014/15, cars with CO2 emissions of 1-75g/km qualify for BIK tax at 5% (8% for diesels), while those with CO2 emissions of 76-94g/km qualify in the 11% band (14% for diesels). The rate for cars with CO2 emissions of 95-99g/km is 12% (15% for diesels). From April 2015, the 5% tax rate (8% for diesels) applies to cars with CO2 emissions of 0-50g/km, and those with CO2 emissions of 51-75g/km attract a rate of 9% (12% for diesels). Diesel hybrids are exempt from the 3% diesel tax charge, which is abolished in April To calculate your BIK tax liability you need to know your car s CO2 emissions, P11D value and whether or not it is a diesel. CO2 emissions information and a Company Car Tax calculator is available for all BMW cars by clicking here or by visiting the Vehicle Certification Agency website at Example: BIK tax liability in 2014/15 A BMW 116d EfficientDynamics 5dr has a P11D price of 21,305 and CO2 emissions of 99g/km, giving it a BIK percentage of 15% in 2014/15. 21,305 x 15% gives a taxable value of 3,196, equating to yearly BIK tax of 640 ( 54 a month) for a 20% tax payer, or 1,279 a year ( 107 a month) for a 40% tax payer.

5 Capital allowances & lease rental restriction. Company car purchases by businesses are eligible for capital allowance write down, where the capital outlay can be offset against corporation tax. Capital allowances favour those cars with low CO2 emissions and were reformed in April 2009 to reflect a car s CO2 emissions. In 2014/15, main rate capital allowances, for cars with CO2 emissions of between 96g/km and 130g/km inclusive are set at 18% a year, while the special rate allowance, for cars with CO2 emissions of 131g/km or more, is set at 8% a year. First year allowance Until March 31, 2015, a 100% first-year capital allowance (FYA) applies to cars with CO2 emissions of 95g/km or less. From April 1, 2015, until March 31, 2018, the CO2 emissions threshold for the 100% firstyear allowance reduces to 75g/km. Zeroemission electric cars are also eligible for a 100% first-year allowance. Leased cars are exempt from the first-year allowance. Lease rental restriction The amounts payable on lease rentals are normally an allowable expense for businesses that can be deducted against their corporation or income tax charge, with the threshold set at 130g/km. For 2014/15, new cars with CO2 emissions of 130g/km or less are eligible for 100% of their lease payments to be offset against corporation tax, while for those with CO2 emissions of 131g/km or more, only 85% is claimable.

6 National insurance contributions. Class 1A national insurance is payable by the employer on the company car benefit and free fuel provided for private use at the rate of 13.8% in 2014/15. For the free fuel calculation, the 2014/15 fuel benefit charge rate of 21,700, up from 21,100 in 2013/14, applies to the car's taxable value. Calculating Class 1A NIC cars A BMW 116d ES 5dr, with a P11D price of 20,735 and CO2 emissions of 109g/km, attracts a tax charge of 17% of its P11D value in 2014/15. 20,735 x 17% gives a taxable value of 3,525. Multiplying by 13.8% derives the annual Class 1A NIC due 487. Calculating Class 1A NIC free fuel The same BMW 116d ES has a tax charge of 17% of its P11D value in 2014/15. Multiplying the fuel benefit charge figure of 21,700 x 17% gives a taxable value of 3,689. Multiplying by 13.8% derives the annual Class 1A NIC due 509. For further information on Class 1A NIC on car and fuel benefits, click here.

7 Business mileage, private car The HMRC approved rates for business mileage reimbursement in a private car are shown below for 2014/15. The rates are the tax and NIC-free amounts claimable per mile by a driver using his/her own car on business. Authorised Mileage Allowance Payments (AMAP) rates 2014/15 Up to over 10,000 miles 10,000 miles All cars 45p 25p Fuel allowances. The free fuel benefit BIK tax is payable by drivers receiving employer-provided free fuel for private mileage in their company cars. To work out the tax due on employerprovided free fuel for private mileage in a company car, the 2014/15 fuel benefit charge rate of 21,700 is used. Calculating tax due on free fuel With its combined fuel consumption of 68.9mpg and CO2 emissions of 109g/km, a BMW 320d EfficientDynamics has a BIK tax percentage of 17% in 2014/15. 21,700 x 17% gives a taxable value of 3,689. When multiplied by the driver s marginal tax rate, annual liabilities are 738 (20% tax payer), and 1,476 (40% tax payer). With the average price of diesel at 6.23/gal or 1.37/litre (March 2014), 738 will buy 118 gallons (536 litres) for a 20% tax payer or 236 gallons (1,072 litres) for a 40% tax payer. Multiplying by the 320d EfficientDynamics combined fuel consumption figure of 68.9mpg gives 8,130 miles for a 20% tax payer, or 16,260 miles for a 40% tax payer the minimum private mileages you need to cover to make the benefit worthwhile. If you drive fewer private miles than the calculated figures you will be better off paying for private fuel yourself. If you drive more private miles, you are better off paying the tax.

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