Benefit in Kind / Buying a used Hybrid as a company car

[W4NTED]

I have an itch to buy a BMW i8 as a company runaround for the summer but am struggling in what the benefit in kind penalties would be on something circa £50k? Is BIK based on a vehicles price when new and how would one calculate this and know? Also the cars I am looking at are 5 years old how does that work?

Have spoken to a few BMW dealers who had no idea and my accountant is away on half term this week and said he'll need some time to look in to this once back.

[fatjon]

List price when new including any accessories, also at list price.
Makes no difference what the first buyer paid for the car, it’s LIST price for tax purposes.

[Dunclane]

Have a look on www.comcar.co.uk it'll tell you what the liability is based on your circumstances.

Based on a 2019 Roadster with List price of around £127k you'd be looking at £500ish a month in tax as a higher rate taxpayer.

[W4NTED]

Dunclane said:

Have a look on www.comcar.co.uk it'll tell you what the liability is based on your circumstances.

Based on a 2019 Roadster with List price of around £127k you'd be looking at £500ish a month in tax as a higher rate taxpayer.

Thank you and Wow! Thats high...

[oop north]

W4NTED said:

Thank you and Wow! Thats high...

Phev only get decently cheap with good pure electric range these days and I don’t think the i8 had much of a pure EV range