4 Apr 2018
Car parking salary sacrifice changes
Tomorrow (5 April) the Government will change some of the salary sacrifice arrangements currently available to employees in the UK. Salary sacrifice is when you exchange part of your salary, on which you would pay tax and National Insurance contributions for a benefit, thereby saving you money.
CarParkingMax is one of the salary sacrifice schemes that the University currently operates that will be impacted by the changes being introduced by the Government. If you currently pay for car parking through this salary sacrifice scheme, the car parking charges will be taken from your ‘after tax’ income when the scheme is withdrawn tomorrow.
This is not a change being introduced by the University, but to mitigate the impact the University will subsidise 50% of the increased costs for one year, from April 2018 to March 2019.
The subsidy will apply to everyone who has an annual staff parking permit, irrespective of whether they have previously paid via the CarParkingMax scheme or not.
Further information, including details of the 2018-19 charges and some Q&As, is available online.