- Alan Carreras
Spring Budget Statement
The Spring Budget Statement was recently confirmed, which announced the changes to company car and van taxation as per the announcements in the October 2018 Budget. In our latest article we breakdown a guide to the latest news from the Spring 2019 Budget and how this will affect fleet decision-makers.
Fleet decision-makers will unfortunately have to wait until later in the year for the Government to provide a final response in its ongoing consultation into the effect of Worldwide harmonised Light-vehicles Test Procedure (WLTP) on the company car tax and Vehicle Excise Duty (VED).
The consultation concluded on the 17th of February 2019 and will provide information of what vehicle tax changes are required once WLTP is adopted from April 2020. The conclusion however was not included in the latest statement.
Confirmation however is provided on an increase in drivers Benefit-in-Kind tax rates, which will rise on the 6th April 2019, starting from the lowest Benefit-in-Kind percentage which increases from 13% to 16% on petrol cars, and 20% for diesel vehicles.
A new graduated VED system based on CO2 emissions will also be introduced from April 2021. This will apply to new vans with a £0 standard rate for zero emission vans, with ultra-low emission and other alternative fuel vans benefiting from an ongoing discount. The exact figures will be announced ahead on the new system introduction,, once a conclusion on the impact of WLTP on the van market has been provided.
About Bridle Vehicle Leasing
Bridle Vehicle Leasing is part of the Bridle group of companies, providing vehicle leasing, fleet management, and insurance services to companies and private individuals across the UK. If you have any questions about vehicle leasing please do not hesitate to get in touch!