Budget 2017 - What it means for you

Chancellor of the Exchequer Philip Hammond delivered his first Budget speech today (Wednesday, March 8, 2017).

It was also the final spring Budget as Mr Hammond announced in last November’s Autumn Statement a rescheduling of the two major fiscal-related announcements of the Parliamentary year.

Starting in the autumn, Britain will have an Autumn Budget announcing tax changes “well in advance of the start of the tax year”. From 2018 there will be a Spring Statement, responding to the forecast from the Office of Budget Responsibility, but no major fiscal event.

As a result, with today’s Budget coming just four months after the Autumn Statement it has been viewed as a “transitional Budget” with no dramatic or radical announcements.

Indeed many tax measures, including those relating to company car benefit-in-kind tax to the end of 2020/21, Vehicle Excise Duty for cars first registered from April 1, 2017, capital allowances, car fuel benefit charge, van benefit charge, van fuel benefit charge and Insurance Premium Tax had been previously announced.

Below we highlight those measures previously announced, alongside other tax changes and spending plans published in the Budget papers and impacting on the company car and van sector and wider motor industry.

VED 2017 - How will it affect your vehicle?

In the Summer Budget 2015, the government announced a new measure for vehicle taxation, coming into effect from 1st April 2017. 

As of Tuesday 10th January, all Ogilvie Fleet vehicle quotations will reflect the updated Vehicle Excise Duty figures. For vehicles available for delivery prior to 1st April, we will of course be happy to requote based on the current VED figures.

A full breakdown of the VED 2017 tables can be found in the Ogilvie Fleet taxation pages.

The system will still use the vehicles CO2 emissions to determine the tax payable, but also takes into account the value of the car. The vehicles emissions will determine the first year rate, up to £2,000 for the gas-guzzlers, with a standard rate of £140 payable from the second year. 

Autumn Statement 2016

Chancellor of the Exchequer Philip Hammond delivered the Government’s annual Autumn Statement in the House of Commons on Wednesday 23rd November 2016.

Sometimes described as a mini-Budget, he revealed to the nation the state of the country’s economy and public finances, in line with the latest economic forecasts from the independent Office for Budget Responsibility. It was Mr Hammond’s first Autumn Statement and it was also his last as he announced that he was abolishing the annual ritual.

Explaining that “no other major economy made hundreds of tax changes twice a year” in the spring Budget and the Autumn Statement, Mr Hammond said the spring Budget in March 2017 would also be the final one. Instead, starting in autumn 2017, Britain will have an autumn Budget, announcing tax changes “well in advance of the start of the tax year”. From 2018 there will be a Spring Statement, responding to the forecast from the Office of Budget responsibility, but no major fiscal event. Below we highlight what the Chancellor said in relation to the UK fleet industry and the wider motor industry in the 2016 Autumn Statement.

However, many issues remain to be clarified, particularly in relation to salary sacrifice rules and company car benefit-in-kind tax changes. The overview of legislation in draft, providing further information on all tax changes and updates on all tax consultations, will be published on December 5. Draft Finance Bill clauses, explanatory notes, tax information and impact notes, and responses to consultations will also be published on that date.

Budget 2016 — what it means to you

Chancellor of the Exchequer George Osborne delivered his eighth consecutive Budget speech today (Wednesday, March 16, 2016).

Summer budget 2015

Chancellor of the Exchequer George Osborne delivered his seventh Budget speech today (Wednesday, July 8, 2015).

Billed by the Chancellor as a “Budget for working people” and a “plan for Britain for the next five years”, it was the Chancellor’s first Budget Statement following the May general election and the first wholly Conservative Party Budget since November 1996. Below we highlight the Chancellor’s key measures from the spring Budget that will impact on the company car and van sector and wider motor industry.