Manx Telecom launches innovative EV leasing scheme to provide staff with a greener option | May 2022

Manx Telecom is helping staff to go greener with an innovative salary sacrifice scheme that will help them transition to electric vehicles.

Date: Tuesday 24 May 2022

 

 Ian Drake, Managing Director of Rex Motor Company and Manx Telecom CEO Gary Lamb

The scheme, which will allow staff to lease a variety of different electric vehicles from Rex Motor Company, reflects the company’s commitment to protecting the environment and reducing harmful emissions. It forms part of an overall plan to move away from fossil fuels and increase electrification in transport across the company.

Following discussions with the Isle of Man Tax Division, Manx Telecom staff will be able to sacrifice part of their salary free from tax and NI to pay for the lease of the vehicles. This will be a zero-rated Benefit in Kind arrangement.

Staff will also be eligible for a reduced price home charging point installation from Manx Solar Electrical and will be able to use the 16 free EV charging points already in place across Manx Telecom sites.

Manx Telecom CEO Gary Lamb said, “Manx Telecom is committed to making a significant contribution to the reduction of environmentally harmful emissions, including the emissions created as our people commute to and from our workplaces. 

“We know that many people would like to transition to electric vehicles but are prohibited by the costs involved or lack of knowledge. This leasing scheme is an opportunity to make the switch more affordable while using the expertise of Rex Motor Company to select the right vehicles for an individual’s use.

“We are grateful to the Isle of Man Income Tax Division for providing support to the scheme through the zero-rated Benefit in Kind arrangement, and to Rex Motor Company and Manx Solar Electrical for helping us to make electric vehicles an option for our people when they are considering getting a new car.

“As a company, we are already on a journey to electrification with our own fleet and the proportion of electric vehicles will increase as others are replaced or new vehicles acquired. The EV leasing scheme is complementary to our goals to be more environmentally aware and reduce our overall carbon footprint.”

Ian Drake, Managing Director of Rex Motor Company, added, ‘’It has been a real joy working closely with the team at Manx Telecom, as well as the Income Tax Division, to create the Island’s first recognised salary sacrifice scheme for electric vehicles.

“Our beautiful, yet relatively small, Island is the perfect place for electric vehicles, and as we can see from the latest statistics, the EV market is continuing to grow at a rapid pace. While the EV market continues to expand, electric vehicles remain expensive, so it is very positive to see Manx Telecom taking a lead with this scheme and making electric vehicles more affordable for their members of staff.

“The team at Rex Motor Company are very excited about this partnership and look forward to introducing Manx Telecom staff to the benefits of electric vehicle ownership.”