- Fuel duty has been reduced by 5 pence per litre from 23rd March for one year. The new rate is therefore 52.95p per litre on petrol and diesel. VAT remains at 20% on petrol and diesel
- National Insurance thresholds will increase in July to £12,570, the same level used for with Income tax. National Insurance rates will still go up in April, but employees will see around £33 per month saving from July.
- The standard 20% rate of Income Tax will fall to 19% in 2024
We will add these assumptions to our data and include the impact in the company car tax forecasts. The Chancellor has not shed any light on what will happen to company car tax on electric vehicles after April 2025, but it is likely that tax advantages for electric vehicles will continue up to 2030.