Electric Car Salary Sacrifice

pdhmobile

Hi,
I've been looking at my company SS scheme on EV's and it doesn't make sense. This is roughly the example they give,
£1000 for car taken from gross wages
Saving approx £360 on tax
£577 comes out of your wages, net.
They say you are saving the tax but surely I'm paying it in the gross amount?
If the gross amount was £577 then I'd pay less tax.
I can get the same car from a lease company for slightly cheaper, £555 which when you factor in the tax is about £1000. So isn't that just the same??
Thoughts please

molerat

Your gross pay is reduced by the £1000 lease fee but your take home pay is only reduced by the net after tax & NI amount which will be somewhere between £680 and £530 depending on your personal tax situation..  Your taxable pay though will be increased by the BIK at 2% of the list price of the car.