2025 Budget implications for new PHEV cars

[JezzR0]

Scratching my head over options in buying a new PHEV car (have solar but not enough electric capacity for an EV without going to 3 phase!).

I have a company that makes a profit, so initial thoughts were this was the most tax efficient way to finance a new car - a business lease. However I would like to understand how beneficial this is in reality now following the chancellors tax raise against said cars.

For business, you have the lease rental plus maintenance which is deductible from the company profits - saving 9% company tax. However the company has to pay 15% NI on the BIK value (car P11D value * BIK rate applicable for the car). Then as director, I would have to pay tax on the BIK at my rate - 20% / 40% or 45%.

So a car valued at say £60,000 with a current 2026/27 BIK car bandrate of 10% (50 miles electric range) would result in a BIK value of £6,000 - resulting in
personal tax of £1,220 if 20% tax rate.
The NI would be £900 (15%)
Company tax saving would be (12 x £700 Rental) + (NI £900) = £9,300 *9% = £837.
So additional company tax would only be £63 and personal tax £1,220 -
so total tax applied on top of leasing is £1,283 (if my maths is right).

There is an exclusion for new PHEV's till 2028 - which means a PHEV can be excluded till 2031 - so 3 years later... so does the exclusion last 3 years?

If so, a 3 year contract would end on 18% BIK Car band rate - changing the BIK figure to £10,800;
personal tax to £2,160;
NI to £1,530 and
Company Tax saving to (12 x £700 rental) + (NI £1,530) = £894 -
Company tax increase = £636

So total tax on top of leasing costs rises to £2,796

Do my maths make sense and are they correct?

The calculation I guess is whether the purchase of the car - additional salary taken @ 40% would be more than this.

Would this be the finance of the car plus maintenance plus Vehicle duty @ 40% (assuming the additional income pushes into the 40% personal tax rate.

My question is whether it is tax efficient to put it through the company by pushing the profit for that into the company rather than leaving it as personal income taxed at a higher rate.

Is that still the same if the personal tax rate is 40% for the BIK?

Totally confused.