Fast-car-loving U.K. executives—and football stars—are in for a financial blow. Drivers of company cars currently pay annual income tax on their cars, but the tax is capped when the underlying car's value exceeds £80,000 ($128,700), meaning owners face a maximum tax bill of £14,000. That cap will disappear after April 6, due to a decision made by the previous Labour government in 2009, which the current administration hasn't reversed. Accounting firm Baker Tilly says that means, for example, that the owner of a Ferrari 612 worth £222,000 could be liable for income tax of £39,000 next year. The extra tax is most likely to hit bosses of small owner-run businesses who have used the tax break to buy themselves a Mercedes or the like. But soccer players who drive sponsored cars could be hit as well—worse than a red card, for many.
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