Pro Installer November 2015 - Issue 32 | Page 45

45 PRO INSTALLER NOVEMBER 2015 PRO MOTORING @proinstaller1 HMRC planning to introduce a company car-style personal taxation system for vans Although it has yet to be confirmed, rumours are swirling that the Government is considering such a measure in order to generate revenue from businesses and drivers operating such vehicles and also using them for personal journeys. Currently, lower rate taxpayers pay 20% of the van benefit tax figure of £3150 while higher rate users are liable for 40%. James Davis, director of commercial vehicles at remarketing firm Manheim, commented: “HMRC is looking at ‘lifestyle vans’, as I call them. What they’re saying is any [van] that has a spec similar to an executive car; they are going to look at the benefit-in-kind payment, which is currently different for a commercial vehicle than it is for a car.” One LCV manufacturer that wished to remain anonymous admitted that the issue was “on the industry’s radar.” HMRC neither confirmed nor denied the rumours but the HM Treasury would ultimately be responsible for such a policy. A spokesperson for the Treasury said: “We keep all taxes under review.” ‘there could be a knockon effect on residual values’ Industry specialists warned that the introduction of such a policy would result in the aftermarket conversion industry going “underground”, fitting luxury equipment to vehicles after the initial sale in order to avoid the tax. It could lead to those who want luxury equipment to buy a standard van then go to aftermarket converters to get around the tax. The conversion market will go underground because people will still want those vehicles, so they’ll buy a basic van and have the work done themselves - and you’re seeing a lot of that now anyway. They also claimed there could be a knock-on effect on residual values and that manufacturers would likely resort to selling basic vans. Source: Business Car – What News NEED A NEW VAN? JUST... THINK VANS! PEUGEOT BIPPER 1.3HDI 75 S MODEL Payment Profile: 6+59+1 £189.90 £112.43 +VAT PER MONTH +VAT PER MONTH Initial payment: £674.58 +VAT Monthly £112.43 +VAT Balloon £2,596.88 +VAT CITROEN RELAY L3H2 130PS ENTERPRISE Payment Profile: 6+59+1 AIR CON, SAT NAV, BLUETOOTH, REVERSE PARKING SENSORS Monthly £189.90 +VAT Balloon £5,154.76 +VAT £182.93 WE HAVE OTHER GREAT DEALS ON ALL MAKES AND MODELS! +VAT PER MONTH VAUXHALL VIVARO L1H1 1.6CDTI BiTURBO 120PS Think Vans offer great deals on New, Pre Reg & Used Commercial Vehicles as well as New & Used Cars. If required, all finance options are available. ThinkVans.com Limited is Authorized and Regulated by the FCA - License Number 615944 Initial: £1,139.40 +VAT Payment Profile: 6+59+1 @ThinkVans BLUETOOTH, BULKHEAD, REMOTE CENTRAL LOCKING, ELECTRIC WINDOWS Initial: £1,097.58 +VAT Monthly £182.93 +VAT Balloon £4,422 +VAT All figures are based on a 5 year Finance Lease with a Balloon on 10,000 miles per annum. Finance subject to status, E&OE Pictures are for illustrated purposes only! TEL: 0845 4630015 WWW.THINKVANS.COM [email protected] ThinkVans.com, Ty Verlon Industrial Estate, Cardiff Road, Barry, CF63 2BE