Oracle Finance offer solution to new luxury company car tax legislation

March 28, 2011 - PRLog -- Prestige vehicle finance specialist, Oracle Finance, has launched a new initiative to help company directors and business owners beat the blow of impending tax changes relating to people running a luxury company car.

Announced back in 2009 by the then Labour chancellor, Alistair Darling, new legislation will come in to play on 6th April 2011 which removes the tax break previously enjoyed on company cars by the removal of the £80,000 cap used to calculate the benefit in kind paid on these vehicles. Applicable if company cars are ever used privately, the legislation will mean that vehicle users will see a considerable hit to their pocket as they will be taxed based on the original full list price and will no longer enjoy the benefit of the previous £80k cap.

Oracle Finance has announced a solution to this impending problem that will allow those most affected by the change in law to save thousands of pounds. Its unique service works around Oracle taking the vehicle out of the company and then instantly re-financing the car back to the end user at today’s market value. This means that the car users' business or employer can remunerate the individual through other means such as a car allowance or through a mileage scheme, thus allowing the end user to enjoy the benefits of their prestige vehicle of choice without the threat of a huge tax bill.  

Peter Brook, Managing Director at Oracle Finance, commented: “The new legislation has somewhat crept under the radar but it’s going to prove a real financial problem for anyone with a high value company car. Our new service is geared towards working with the company’s tax planners to help reduce the costs associated with these new laws. Directors won’t have their hand forced into disposing of their vehicles just because new legislation dictates that tax is based on a high original list price when in reality the car could actually be several years old and depreciated in value."

ENDS

For Further information, please contact:
Gary Pattison
Senior Account Manager
Fantastic Media
08450 176 090
g.pattison@fantasticmedia.co.uk

Notes to Editors:
Established 5 years ago Oracle Finance is recognised as the nation’s leading provider of finance to the sports and prestige car market.

Based in Knaresborough, with offices in London and Glasgow, Oracle offer the UK’s business, sporting and entertainment elite unparalleled levels of service whilst funding the acquisition of thousands of performance and luxury vehicles priced from £25,000 upwards from any dealer in the country.

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Established 5 years ago Oracle Finance is recognised as the nation’s leading provider of finance to the sports and prestige car market.

Based in Knaresborough, with offices in London and Glasgow, Oracle offer the UK’s business, sporting and entertainment elite unparalleled levels of service whilst funding the acquisition of thousands of performance and luxury vehicles priced from £25,000 upwards from any dealer in the country.