ICFM to hold masterclasses on salary sacrifice schemes

Changes to the car salary sacrifice scheme and cash or car allowance rules will be highlighted at the ICFM Masterclass.

The masterclasses are a new initiative from the ICFM which is dedicated to advancing the profession of car and light commercial fleet management.

The new regulations will be introduced on 6 April and ICFM research with fleet-decision makers has shown that car salary sacrifice and company car tax, along with cash or car allowance issues is one of the biggest challenges this year.

The new rules will mean that employees that wish for a salary sacrifice arrangement or are taking a company car in lieu of a cash alternative will pay tax on the higher of the company car benefit value, and the salary sacrificed or cash allowance will be dissolved.

Car arrangements that are in place before 6 April 2017, will not face these changes until 2021. Ultra-low emission cars will be exempt from the regulation, but even then not all cars will be impacted.

The government’s 2017 Budget in March is set to confirm the new rules.

Professionals from the car salary sacrifice scheme providers Tusker and Zenith will talk about the revised rules at the event and will explain what they mean from an administrative view.

They will also talk about the true impact and how businesses can continue to provide and market successful salary sacrifice schemes to their employees.

ICFM director Peter Eldridge said: “There is a definite appetite, according to our research, among fleet decision-makers for Masterclasses on current key and complex issues that deliver in-depth insight and practical advice.

“From the feedback we have received, the government’s changes to car salary sacrifice rules - and related cash or car allowance rules - is a major issue for many employers and employees. ICFM’s first masterclass will dispel the rumour and speculation with experts delivering the facts. Fleet decision-makers cannot afford not to attend.”

The masterclass will take place on 22 Match between 10am and 2.30pm. It is being hosted by RAC at its operation control centre along the M6 in the West Midlands. It will cost £99 for ICFM members to attend and £135 for non-members.