Chancellor of the Exchequer George Osborne delivered his second Budget speech yesterday (Wednesday, March 21, 2012)
He described his Budget, the subject of a 60-minute statement in the House of Commons, as one that ‘unashamedly backs business’, while supporting ‘working families and helping those looking for work.
Below we highlight the Chancellor’s key measures that will impact on the company car and van sector and wider motor industry.
- From April 2012 there will be an increase in the Car Fuel Benefit Charge from £18,800 to £20,200.
- From April 2012 VED rates will increase in line with the Retail Price Index
- From April 2013 the threshold above which the lease rental restriction applies will also reduce from 160 g/km to 130 g/km.
- From April 2015 the five-year exemption for zero carbon and ultra low carbon emission vehicles will come to an end.
- From April 2016 the Government will remove the 3% diesel supplement.
For further details please produced by Ashley Martin Communications.