Chalcogenation of the phosphanylborohydrides K(PPh2BH3) and K(PtBu2BH3) with N2O, S8, Se∞, and Te∞ leads to the corresponding species K(EPR2BH3) in excellent yield (E = O–Te; R = Ph, tBu). The parent systems as well as all the chalcogen derivatives have been structurally characterised as their 18‐crown‐6 adducts by X‐ray crystallography. In the case of [K(18‐c‐6)][EPPh2BH3] the anionic ligand binds to the K+ ion through both its E atom and its BH3 substituent. Significantly larger K–B distances together with shorter K–E contacts are observed in the sterically more congested tert‐butyl derivatives [K(18‐c‐6)][EPtBu2BH3]. Based on a comparison of characteristic NMR parameters (e.g. 1JP,B, 1JP,C) of K(EPPh2BH3) and EPPh2CH3, we come to the conclusion that the formal replacement of CH3+ by BH3 leads to a significant increase in the p character of the E–P bond, which therefore indicates that [PPh2BH3]– is better suited to direct electron density towards an acceptor atom than its triorganophosphane congener PPh2CH3. In line with this interpretation, displacement experiments between K(PPh2BH3) and EPPh2CH3 (E = S–Te) resulted in the quantitative formation of K(EPPh2BH3) and PPh2CH3. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2006)