HMRC says it will publish official company car tax guidance to reflect clarification given to Fleet News in light of the coronavirus lockdown.
New benefit-in-kind (BIK) tax rates will apply to all new company cars registered from today (April 6), including a zero-percentage rate for pure EVs.
Tax experts at MHA MacIntyre Hudson have welcomed HMRC’s clarification on benefit-in-kind (BIK) tax rules as fleets come to terms with life under lockdown.
Calls are being made for HMRC to examine the impact of the coronavirus lockdown on benefit-in-kind (BIK) taxation for company drivers.
New company car tax rates will cost the Government £100m in lost revenue over the next two years, while drivers will face higher costs from new CO2 rating.
By Edwin Kemp, associate director Mobility 2030 at KPMG UK
Cap HPI says it will be ready for the introduction motoring taxes based on the emissions test in April 2020.
In what was a Budget that will impact fleet operations for years to come, the fleet industry has broadly welcomed the measures outlined by the Chancellor.
The British Vehicle Rental and Leasing Association welcomes the range of electric vehicle (EV) grants and tax incentives in the Budget.
The Chancellor has announced new company car tax rates in a Budget dominated by measures to soften the impact of Coronavirus.
Zenith is reporting a massive increase in orders of electric vehicles (EVs) thanks to changes to company car tax rates.
Drivers looking to benefit from lower BIK tax bills has resulted in a huge growth in ultra-low emission vehicle (ULEV) orders at Fleet Alliance Group.
Leasing companies, which typically receive the CO2 data from third-party providers, are estimating emissions or trying to bring forward deliveries.
By John Clay, head of vehicle identification at Cap HPI
Uncertainty surrounding the impact of a new emissions testing regime and planned restrictions on the sale of fossil fuel and hybrid vehicles make policy review essential.
Tusker has announced that emissions on new car orders have halved in the last six months.
Employees who currently opt out of a company car are interested in re-joining schemes to benefit from proposed new rates for electric vehicles.
Fleet decision-makers will be relieved to hear that the government will not be changing the date of the Budget.
Fleets waiting for the Government to rubber-stamp new company car rates may have to wait a little longer with the date of the Budget now in doubt.
Businesses should consider reviewing their fleet policies due to a lack of WLTP CO2 data for some cars, says the British Vehicle Rental and Leasing Association.
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