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Business car leasing and the 2008 budget
Business car leasing and the 2008 budget
Drivers of higher polluting executive cars will bear the brunt of the new tax threshold (set at 160g/km CO2) announced in the 2008 budget, and rentals on leased vehicles will see the effects of the tax change governing capital allowances for business cars.
It’s imperative that fleet managers now review their fleets, taking one last chance to reduce the number of vehicles emitting over 160g/km CO2. If they don’t, they face increased costs and extra pressure.
Windsor Vehicle Leasing are experts in business car leasing, and will be happy to advise you on the best way to manage your car leasing requirements under the new tax rules. Here’s our summary of how the 2008 budget will affect business car users:
A rise in fuel duty has been delayed until October 2008, but plans to reintroduce the fuel-escalator charge will mean motorists notice a real increase in fuel tax from 2010.
The bio-fuel duty differential has been abandoned in favour of the Renewable Transport Fuel Obligation; it’s hoped that this will bring environmental issues more sharply into focus through its sustainability criteria.
Vehicle Excise Duty rates have increased and a restructuring of the VED system in 2009 will create more bands. In 2010, the Chancellor plans to bring in a first-year VED tax – bad news for vehicles with emissions over 160g/km. If you’re a business car user, that probably includes you.
There’s no denying that the business car sector will feel the effects of the 2008 budget, but managing the changes needn’t be a headache. Whether you’re a sole trader or part of a multi-national, talk to the team at Windsor Vehicle Leasing to find out how you can make the most of the new tax rules as you lease business cars.
www.businesscarleasinguk.co.uk
If you want to find out more on anything you see here, just get in touch - we’ll be pleased to hear from you. Visit our main WVL website or
Call 0845 125 6351
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