In today’s Spring Statement the Chancellor Philip Hammond presented an update on economic forecasts with some details on how the government will be investing in infrastructure, technology, housing, skills and green energy.
The Chancellor confirmed that the economy is robust and we have a solid foundation, and that “Britain needs to seize the opportunities that the future offers”.
“In today’s ministerial statement, there is a welcome commitment from government to respond to the impact of WLTP on company car tax and vehicle excise duty (VED) in the coming months. We back the BVRLA’s position in calling on the government to demonstrate its support for businesses by adjusting future VED and company car tax bands for 2020 and beyond to account for the increase in WLTP-based CO₂ figures. The fleet sector has a key role to play in both buying new ultra-low emission vehicles and then reselling them into the used market. By ensuring that all CO₂-related taxes and charges are treated consistently under WLTP the industry has a platform to build on in securing the road to zero. Also announced was a consultation into Insurance Premium Tax, which may have implications for associated costs to fleets.”
Claire Evans, head of fleet consultancy at Zenith
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