Fleet News

The ultimate company car tax cheater

FLEET News has unearthed the most tax-efficient company car in the UK – the forthcoming £425,000, 660bhp V12 Ferrari, named Enzo and developed in conjunction with Formula One driver Michael Schumacher.

Due to the vagaries of the UK company car tax system, the threshold for the P11D price of a car used to calculate its benefit charge is capped at £80,000.

Assuming carbon dioxide emissions from the Ferrari push the car into the 35% tax band, drivers of the Enzo will face an annual company car tax bill of £80,000 x 0.35 x 0.4 (assuming a 40% tax payer), which equates to £11,200. Without the P11D cap, the car would cost the same tax-payer £59,500 (£425,000 x 0.35 x 0.4).

In real terms, this means the Enzo falls into the highly efficient 6.5% of P11D price band for company car tax purposes, below the 9% band for the Honda Insight and the 11% band for the Toyota Prius.

For interested user-choosers whose cash allowance stretches to £425,000, just 349 examples of the Enzo will be built, all of which will be left-hand drive, with a top speed of 220mph and a 0-60mph time of about 3.6 seconds.

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