Read more about our new electrical vehicle (EV) car salary sacrifice scheme, plus other new benefits including a discount/cashback platform and savings on gym subscriptions.
UCL has committed to be carbon zero by 2030. In response to colleague feedback, and to support our community to lower our carbon emissions, last year we’ve communicated that we’ll be launching an electrical vehicle (EV) car salary sacrifice scheme. This will allow staff to make significant savings on the cost of leasing a new, all inclusive, EV.
We’re now pleased to confirm NHS Fleet Solutions will provide this scheme. All eligible staff will have the opportunity to acquire a new electric car on a 2 or 3 years lease contract as part of UCL’s employee Benefits package. We’re working on finalising the practicalities before launching the scheme, with the aim to make this benefit live in the next three months. When we have a firm launch date, we’ll communicate with you again with opportunities to join webinars showing you how the scheme will work.
Who is NHS Fleet Solutions?NHS Fleet Solutions are part of Northumbria Healthcare NHS Foundation Trust. This means their profits remains within the public sector, contributing to NHS front line services.
They have been running the scheme successfully for more than 15 years and currently provide it for more than 300 public sector organisations, including other universities and University College London Hospitals.
What is a salary sacrifice car scheme?It works like our Cycle to Work scheme, where employees can forgo a fixed amount of their gross salary each month in exchange for a brand new car. The amount is taken before income tax and National Insurance (NI), so employees can make tax and NI savings on the cost of their car lease.
What are the other benefits of the scheme?With no deposit requirement, the fixed monthly deduction from salary includes fully comprehensive car insurance, road tax, breakdown cover, MOT, maintenance, replacement tyres and accident assistance. Please note though there may be early termination charges if you terminate the scheme before the end of the lease period.
Are there any tax implications?As the cars are being supplied as an employee benefit with significant tax savings, Benefit in Kind (BiK) will be payable. The tax will be based on the list price of the vehicle, your tax rate and the BiK tax rate. The BiK tax on fully electric cars is 2% for 2022/23, 2023/24 and 2024/25 tax years, increasing to 3% in 2025/26, 4% in 2026/27, and 5% in 2027/28 tax year.
If you’re interested in the scheme and would like more information and an example of the costs involved, please.
Other employee benefit newsWe would also like áto take the opportunity to let you know that we have two exciting new additions to our benefit site. Firstly, a discount/ cashback platform available to education sector employees which allows staff to make savings at a range of shops and a discount to Pure Gym , where you can get 10% off on your monthly membership subscriptions with no joining fees.
- University College London, Gower Street, London, WC1E 6BT (0) 20 7679 2000