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Budget June 2010 - What it means to fleets
24.06.2010 |
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Chancellor of the Exchequer George Osborne delivered the recently elected coalition Government’s Budget (Tuesday, June 22). In a bid to tackle the country’s £155 billion deficit it was billed as the most brutal statement in a generation. He laid out a five-year programme to eliminate the hole in the public finances, which he said was essential to protect Britain from the debt crisis sweeping Europe and to rebuild the British economy Mr Osborne said: “Reducing the deficit is a necessary precondition for sustained economic growth; today’s plans will help to restore stability and balance to the economy, underpinning private sector confidence to support recovery.
Calling the Budget ‘progressive’, Mr Osborne said: “We have provided the foundations for economic recovery in all parts of our nation and given our country some of the most competitive business taxes in the world.”
While the rise in VAT from 17.5% to 20% on January 4, 2011 will steal the headlines a number of other changes in tax rates will impact on how businesses fund their company vehicles and whether they continue to pursue cash alternative schemes to company cars (see PDF). In addition, the emergency Budget statement confirmed a number of changes that were announced in the last Government’s spring 2010 Budget. These include changes to company car tax and fuel duty increases.
Refer to the PDF for details of the key measures impacting on the fleet and motor industries.
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