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July 16, 2015

UK: New Volvo hybrid gets government grant

Volvo’s first petrol plug-in hybrid, the XC90 T8 Twin Engine, has qualified for the UK Plug-in Car Grant (PICG) scheme from the Office of Low Emissions (OLEV).

Volvo’s first petrol plug-in hybrid, the XC90 T8 Twin Engine, has qualified for the UK Plug-in Car Grant (PICG) scheme from the Office of Low Emissions (OLEV).

The grant is intended to encourage automakers to decrease the level of CO2 emitted. Qualifying hybrid vehicles must emit less than 75g/km, have a minimal travelling range of 10 miles on pure electric and reach speed at least 60mph.

Companies buying the new Volvo can benefit by writing down as much as 100% of the cost against their income tax liability. Drivers who choose the model as a company car pay GBP99.83 BIK tax (benefit in kind) a month (if a 40% tax payer).

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