Personal Contract Hire

Personal Contract Hire (PCH) is a new product for private individuals opting to leave a company car scheme or joining a new company that provides a car allowance, instead of a company car. It allows you the opportunity to finance a car using the most popular funding method used by companies.

Personal Contract Hire is available with or without a maintenance package (the maintenance package offers fixed cost motoring with no hidden extras) and is available for new cars or used vehicles up to 24 months old.

Tax Implications of Personal Contract Hire

Personal Contract Agreements are written in your name the normal "benefit in kind tax liability" doesn't apply.

Who Owns The Vehicle at the End of the Personal Contract Hire Agreement?

You use the car for the designated period and at the end of the term the vehicle must be returned to the finance and you start a new agreement with the vehicle of your choice. Personal Contract Hire rates are exactly the same as quoted contract hire rates simply add 20% to the monthly rate (as VAT is not reclaimable for PCH) and Personal Contract Hire is available on all UK supplied cars.

Personal Contract Hire can also be offered to those employees not normally entitled to a company car. Low deposit followed by a fixed monthly charge means that is easy to budget for and it is possible to provide all-inclusive maintenance and breakdown packages.