The UK government has confirmed there will be a cut on the duty paid on fuel in a bid to stop the shooting prices of oil impacting on car running costs.
The announcement included the abolition of the fuel duty escalator which has lead to fuel prices rising at a rate above inflation. This has been replaced with a ‘fair fuel stabiliser’ meaning that petrol prices will only increase at the rate of inflation despite the yoyo’ing price of oil.
The Government also revealed their plan for if and when oil prices drop, they will change the stabiliser rate to around 20% keeping fuel at a fair and affordable price while oil costs are low.
This will take affect once prices dip to $75 (£46.88) a barrel, a price which the Government think is fair. Experts however have criticised this move saying that although on the face of things the public will see fuel prices being lowered the increase of tax on oil and gas resources in Scotland could end with the Government playing a dangerous game with oil giants.
Plans to increase fuel prices by 4p per litre have been put back until 2012 but this also coincides with plans to increase the tax on company cars.
As a business car leasing may still be the best option as many leasing companies include costly services and certain repairs as part of their payment plans. As a registered business you are also entitled to claim back up to 50% VAT on vehicles, meaning that now more than ever is it a good idea to look at leasing a vehicle.
Source – FleetNews
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The Automotive industry charity of choice BEN has welcomes changes in the legislations relating to charitable giving.
The announcement gives a 10% reduction in inheritance tax if a donation of the same is given. The charity hope that this will increase legacy donations from members of the public.
David Main, BEN Chief said:
“Although the benefit to charities of such legacies are likely to be long term, the simplifying of the rules relating to Gift Aid is of more immediate help and will enable charities like BEN to maximise the monies they derive from the generosity of those who donate.”
BEN benefits almost 1 million people across the country every year with its five residential day centres and by their own admission had been worried about planned legislations for ‘gift aid’.
Mr Main added:
“BEN is already beginning to feel the impact of public sector cuts as many local authorities freeze and in some cases reduce the funding of residents in our care centres.”
As the official charity of the industry BEN offers financial, mental and physical support to workers and their dependents should they be in trouble, over the years they have helped mechanics, production line workers and businesses in the contract hire trade.
The charity recieved also recieved a boost earlier this month when it was revealed that almost all of the top ten dealer groups support BEN and its work.
Source – CarDealerMagazine
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