FLEET drivers at motor industry supplier Durr will own their company cars after the business adopted the Structured Employee Car Ownership Plan (SECOP) developed by accountancy firm Arthur Andersen. Warwick-based Durr's new arrangement for its 100-strong fleet includes a £1.8 million outsourcing agreement with Zenith Vehicle Contracts.
Under the terms of SECOP, employees enjoy similar support to that provided by a traditional company car, but no longer have to pay benefit in kind tax because they own the car. The scheme uses a combination of the benefit in kind tax savings and a salary top-up to help drivers fund their choice of car and a package which includes maintenance and road tax. Drivers are responsible for buying insurance, but are not exposed to residual value risks, with Zenith taking responsibility for disposing of the cars.
Under the terms of SECOP, employees enjoy similar support to that provided by a traditional company car, but no longer have to pay benefit in kind tax because they own the car. The scheme uses a combination of the benefit in kind tax savings and a salary top-up to help drivers fund their choice of car and a package which includes maintenance and road tax. Drivers are responsible for buying insurance, but are not exposed to residual value risks, with Zenith taking responsibility for disposing of the cars.
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