If you leave employment before the end of your salary sacrifice period, you will be required to repay any remaining salary sacrifice amounts due, from your final net salary payment. If your last salary payment does not cover the full balance, you will be required to pay the remaining amount within 14-days of your last working day. In order to take full ownership of the equipment, you will also have to pay a transfer charge that is dependent upon the cost of the equipment. The charges are determined by HMRC and currently stand at:
- Equipment value of £499 and under, a charge of 18% applies.
- Equipment value of £500 and over, a charge of 25% applies.
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