Reply To: I’ve never had a company car, can someone explain the BIK rate?

#167535
Elliot
Participant

    For all fully electric cars on sale, the BiK rate is 1% during the 2021/22 financial year. It’ll rise to 2% for 2022/23, remaining there during 2023/24 and 2024/25.

    BIK is a percentage of the list price of a vehicle and is the same as taxable income.