Chancellor of the Exchequer George Osborne delivered his second Budget yesterday (Wednesday) against a background of a shortage of public finance and inflation rising to 4.4% from 4% in January. The Chancellor said he did not need to impose further pain – that had already been announced in previous Budgets with a number of measures due to come into place next month – and so focused on a Budget for growth. Inside are the headline announcements impacting on the fleet and motor industry.Continue reading
THE price of fuel reduced by 1p a litre at 6pm on Budget Day (Wednesday, March 23) as the Chancellor announced an immediate 1p a litre cut.
The move was in response to petrol and diesel prices being at record levels and was in place of the scheduled inflation plus 1p per litre rise that would have added almost 5pContinue reading
COMPANY car benefit-in-kind tax thresholds will tighten by 5 g/km on April 6, 2013 with the Chancellor confirming already announced thresholds for the next two financial yearsContinue reading
THE tax-free mileage reimbursement rate for employees who use their own cars or vans for business mileage will increase to 45p from 40p for the first 10,000 miles from April 6, 2011.
However, the rate for mileage beyond 10,000 miles will remain at 25pContinue reading
EMPLOYEES who are in receipt of company-funded fuel used privately will see their benefit-in-kind tax bills rise from April 6.
The Chancellor confirmed in the Budget that the fuel benefit charge multiplier will increase from £18,000 to £18,800, while the van fuelContinue reading
ON April 1, 2011, Vehicle Excise Duty rates will increase by the rate of inflation apart from VED on HGVs, which will be frozen in 2011-12.Continue reading
AMONG other measures already announced but reconfirmed by the Chancellor was the 1% rise in National Insurance rates for employees and employers from April 6.
That means that employees will pay 12% on earnings (+ a further 2% on weekly earnings above the upper earning limit of £817). Employers will see theirContinue reading
John Lewis, chief executive, British Vehicle Rental and Leasing Association, said: ‘As expected the Chancellor has abandoned April’s 1p increase in fuel duty, but then surprised everyone by delaying the inflation increase until next year and reducing duty by 1p. His fair fuel stabiliser is ingenious, shifting the burden of taxation upstream when crude oil pricesContinue reading