Twin Cab Pick Up Trucks – Huge Tax Changes -UPDATED

News | Tax

February 20, 2024

Are you thinking about buying a double cab pick-up for your company vehicle?

If you are, then you need to read on carefully.

Otherwise, it could cost you a lot of money.

From 1 July 2024, double cab pick-ups will be treated as vehicles instead of commercial vehicles for tax purposes.

This means the tax paid on them will be based on the list price and the CO2 emissions.

Previously, if the pick-up could have a payload over one tonne, it was classified as a commercial vehicle even though it could carry four passengers.

The benefit in kind was based on a set amount, and there was also a specific exemption based on restricted private use that could eliminate a tax charge altogether.

Don’t worry if you already have a pick-up. The existing rules apply to vehicles purchased before 1 July 2024 until 5 April 2028 or when sold.

We advise changing now to extend the period you can enjoy the tax treatment. Of course, these tax changes may impact the demand and pricing of such vehicles.

It is an excellent time to consider your company car situation and discuss it with us more generally, as there are other tax-saving considerations we can help with.

UPDATE – ON 19 FEBRUARY HMRC DECIDED TO DO A SCREECHING U-TURN ON THIS AND THE PROPOSED CHANGES ARE NOW NOT HAPPENING

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