Here are the key points of the 2015 budget and how they may affect you in motoring terms this year:
- Company car benefit-in-kind tax rates will increase by three percentage points in 2019-20, the Budget papers reveal. Rates up to the end of 2018-19 were announced in last year’s Budget.
- The Chancellor announced a rate of inflation increase for Vehicle Excise Duty rates, but the majority of charges have been held at their 2014-15 levels, notably for lower emission vehicles.
- The planned September 1, 2015 0.54p per litre fuel duty increase has been cancelled. In announcing the move, the Chancellor said the 2015 Budget built on the support provided by the government to motorists over the five years of the Parliament.
- Employees who are in receipt of company-funded fuel used privately will see their benefit-in-kind tax bills rise from April 6, 2015.
- The van benefit-in-kind tax charge will increase from £3,090 in 2014-15 to £3,150 in 2015-16, the Chancellor has announced.
- From April 6, 2015 the van fuel benefit charge multiplier will increase from £581 to £594, according to the Budget papers published following the Chancellor’s statement.
- The Chancellor committed £100 million for research and development into intelligent mobility, which will focus on enhancing the development of driverless car technology and the systems required to implement and adopt the technology, such as telecommunications.
- The cost of crossing the River Severn is to reduce when the Severn River Crossings pass into public ownership post-2018, the Chancellor has announced.
So there we go. The biggest item on the list being the freeze in fuel duty for most. Car Articles sums the motoring budget up as evolutionary rather than revolutionary.