Family-owned ICR Leasing is to start offering salary sacrifice car schemes for electric vehicles under a tie-up with Fleet Evolution.

L-R: Will Chapman and Thomas Ryan at ICR Leasing

Based in Milton Keynes, ICR was formed from the sale of the Wayside dealer group in 2011 and has a risk fleet of around 600 cars and vans, all fully self-funded.

The business was looking to move into salary sacrifice as a new growth opportunity as well as to provide a key benefit for its customers, including new start-ups and companies that require specialised tailored contracts.

Fully electric cars have attracted low Benefit-in-Kind rates in recent years and the recent Autumn Statement saw Chancellor Jeremy Hunt confirm that the rates will only go up from the current 2% to 3% in 2025/26, to 4% in 2067/27 and to 5% in the year 2027/28. This provides reassurance for new electric car buyers and ensures the benefits of salary sacrifice remain in place.

The strategic partnership with Fleet Evolution means ICR customers and their employees can now take advantage of this advantageous tax regime

Thomas Ryan, senior business manager at ICR Leasing, explained: “We have known of the effectiveness of Fleet Evolution’s salsac car schemes for some time as they are clearly designed to offer a very attractive proposition for both employers and employees alike.

“This is our first foray into the salary sacrifice market and Fleet Evolution is the perfect partner for us as they have a very similar ethos to ourselves, are very flexible in their approach and very customer focused – all attributes we fully identify with,” he went on.

Will Chapman, joint Senior Business Manager at ICR, added: “As well as UK-based customers, this partnership will allow us to offer salary sacrifice vehicles for use here to customers that are based outside the UK with little or no financial footprint in the UK.

“We will also be able to provide flexible funding to Fleet Evolution to allow it to reach a wider range of potential customers,” he said.

The Fleet Evolution salary sacrifice scheme embraces all servicing and repair costs, road fund licence, fully comprehensive insurance and corporate discounts; all with no deposit required. It also covers employers for employees leaving, being made redundant or unable to make the repayments; the employer only has to give one month’s notice before Fleet Evolution will take the car back with no questions asked. Fleet Evolution account handlers also manage all administration – from fines to employee recharges – thereby freeing up the time of ICR Leasing staff.

Andrew Leech, founder and managing director of Fleet Evolution, said: “Electric cars provided through a salary sacrifice scheme are a very attractive proposition – and not just for tax reasons. For businesses and staff that want to keep mobility costs under control at a time of rapidly spiralling costs, EVs can deliver financial cost savings in the region of 35-40% over conventional ICE models.

“And, from a well-being point of view, such an electric car salsac scheme can also help tackle the anxiety and emotional stress caused by the prospect of living costs spiralling out of control during the current turbulent economic conditions.”