8. Tax and Salary Exchange

8.1 Taxable benefits are subject to amendment from time to time and are beyond the control of the University; the latest position can be determined from the local HMRC Office or website. The University reserves the right from time to time to amend the amount of salary exchanged as a result of statutory changes, including VAT rate changes.

8.2 The reduction to salary under this agreement will continue if the vehicle is off the road for an extended period or if it is stolen or until termination of the lease.

8.3 It is entirely a matter for the employee to consider the impact of the salary exchange arrangements on their personal financial circumstances. The University cannot accept any responsibility in this matter and applicants are advised to be cautious before entering into any financial obligation.

In this policy: