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The full P11D price of all cars will be used to calculate the benefit-in-kind tax from 6 April 2011, after the Government announced it is to abolish the £80,000 cap on taxing luxury models.
Previously, any model would be taxed on a £80,000 price, regardless of the actual vehicle worth, so company owner and director vehicles will be hit with a massive increase in monthly BIK bills.
"The cap on car list prices used to calculate the taxable benefit arising from company cars will be abolished, so that drivers of expensive cars will be subject to a fair level of tax," read the Budget statement.
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