Electric Vehicle Scheme
Electric Vehicle Salary Sacrifice Scheme
The College offers you access to a scheme where you can lease a brand new electric car. The scheme is offered through salary sacrifice which means monthly payments will be taken from your gross salary before Income Tax and National Insurance deductions, therefore reducing the amount of tax and NI you pay.
There are so many benefits to driving electric, for you and for the environment. As well as being cheaper to run you can also do your bit to reduce your carbon footprint.
How does it work?
The scheme is offered through Tusker and you can access a portal to search the range of electric cars available and compare prices. Prices are based on your personal details and will include your salary, address and driving history. Once you’ve decided on the car you want, you can submit your order online. Once we have carried out all necessary checks and approved your order, Tusker will order your brand new car from the manufacturer and give you an estimated delivery date. You will be able to monitor the status of your order on the Tusker website.
The scheme is available to all employees who have attained a minimum of six months’ service with the College.
How do I sign up?
To get a quote and see the range of cars available simply visit tuskercars.com/welcome/imperialcollege/ to log in. To create an account, you will need your company code IMPE and your College ID Number. This can be found on your payslip and College ID card.
Applications are now open and can be made directly on the Tusker portal. If you need any support, you can contact firstname.lastname@example.org.
What the scheme covers
Car leases can run from 24 to 48 months and monthly payments include:
- A brand new electric bar built to your specification
- No deposit
- Fully comprehensive motor insurance for you and the option to add additional drivers
- Annual servicing
- Routine maintenance and repair
- Full RAC breakdown cover (including onward travel)
- Replacement tyres
- 24-hour driver support line
- Lifestyle protection in case of a change to your circumstances such as resignation, redundancy, long-term sick
- Accident management (excluding insurance excess of £250)
Car Scheme Additional Information Documents
Car Scheme Additional Information Documents2
Salary Sacrafice Arrangement
Salary sacrifice means you exchange part of your gross salary, in return for a benefit – in this case a new car and all the added extras shown above. The salary is sacrificed before Income Tax and National Insurance is deducted, so you pay less tax and National Insurance. We will make sure that your salary does not fall below National Living Wage, especially if you are already using salary sacrifice e.g. for pension. As this is a benefit provided to you, Benefit in Kind (BiK) tax will be due.
BiK is a tax on benefits provided by your employer in addition to your salary. The Government is incentivising Electric Vehicles (EVs) which are cars registered with tailpipe carbon emissions of 0g/km C02 and therefore the savings you make on Electric Vehicles will outweigh the BiK due.
For pure electric cars, BiK is just 2% until April 2025, then increasing by 1% each year until April 2028.