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Spring Budget 2024 Summary What does it means for fleets
On Wednesday 06 March 2024 the UK Government announced their Spring Budget.
A Vehicle Excise Duty (VED) rise linked to the retail price index (RPI) in April 2024, continuation of the current fuel duty freeze at 52.95p/litre and a cut in main rate NICs from 10% to 8% from 06 April 2024 were confirmed in the 2024 Budget Statement on 06 March.
Elsewhere, businesses are also able to benefit from capital allowance ‘full expensing’, or 100% first-year tax relief, on qualifying plant and machinery expenditure including vans and electric vehicle chargepoints (but excluding cars). Introduced for three years from 2023/24 this was made permanent in the 2023 Autumn Statement, and confirmed in the Budget to include leased assets when fiscally allowable, with draft legislation to come.
The Chancellor also maintained the Van Benefit Charge (VBC) and the car and van Fuel Benefit Charges (FBC) at 2023/24 levels for 2024/25. Although a change to the tax treatment of double-cab pick-up trucks for private use from July 2024 was announced in February, the government backtracked on the plan and now no changes will be made, with...
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