Following Chancellor Rishi Sunak's first budget, we look at whether it was good or bad news for drivers “Whilst regulation is already in place for cleaner vehicles on the road, cutting taxes on these is the right way forward, particularly to boost consumer demand. Minister for Finance Paschal Donohoe announced additional funding of €8 million for electric vehicle purchase grants, bringing the total allocated in 2020 to €14 million. The confirmation of the new rates makes driving a pure electric company car a no-brainer, if you have the choice and its fit for purpose. However, it will need to pass through both houses of Parliament taking it beyond April 6, which means company car drivers will be issued with tax information quoting the old rates before the new rates can be applied retrospectively. We use cookies to ensure that we give you the best experience on our website. For cars registered between 1 October 1999 and 5 April 2020 inclusive, the measure clarifies that the CO2 emissions figures for company car tax and related charges will continue to be based under the New European Driving Cycle (NEDC) procedure. We look forward to further details being published on Thursday but on the face of it this is a hugely positive move for electric vehicles in the UK.”, The latest addition to the @MercedesBenzUK electric EQ range has been revealed, with the EQA due here this spring.… https://t.co/ohngYi21ju, In case you missed our latest six-page Big Test in Company Car Today, we've published our in-depth look at the new… https://t.co/g7RrFzneDu, In case you missed our latest news round-up: New entry @PorscheGB Taycan EV, @mycardirect acquires Avalon rental,… https://t.co/SlYZtE6b6z, In case you missed it when we published the Coffee With interview, we've just added our chat with @GoUltraLow's Pop… https://t.co/Tluo2Zwgrd, Automotive Media & Events Limited Car news; New cars; Company car tax for cars registered before April 6 2020, Cars first registered before 6 April 2020, Company car tax rates for 2023-24 and 2024-25 will be kept at 2022-23 rates, * Add 4% for diesels up to a maximum of 37% (unless RDE2 compliant). Where this occurred, no charge to BIK arises in respect of any use by your employee in 2018. Choose an electric car for 2020, and you'll pay no BIK … Previously, electric cars that cost more than £40,000 when new incurred a VED rate of £320 per year for five years in what has become known as 'premium tax'. The Treasury says that for cars first registered from April 6, 2020, most company car tax rates will be reduced by two percentage points. February 18, 2020 – Story first posted as breaking news, including LTA official press release and updates/figures. What is the tax on electric cars? Where this occurs, no charge to BIK arises in respect of any use … “Fleets typically plan in five to 10-year cycles, and confident purchasing decisions cannot be made without sight of future tax liabilities. Company car tax: what you need to know. However, at the same time as extending the plug-in grant for electric vehicles, the Government has cut the plug-in grant rate for electric cars by £500, from £3,000 to £3,500, and excluded cars costing £50,000 or more. Today’s (11 March 2020) budget has announced that government is providing £532 million for consumer incentives for ultra-low emission vehicles. From 12%, bands rise in 1% increments to a maximum of 37%, with diesel models subject to a 4% supplement should they not meet RDE2 tests. Let’s also remember that plug-in hybrids are still a vital tool for the transition towards mass electrification for many organisations and although they will benefit from this 2% BIK reduction, we hope to see further practical and financial support for these vehicles in the Autumn Budget. When this car is registered will affect the rate paid after 2020. (due to end December 2021.) So many brilliant new electric cars have gone on sale in the past year – but right now which are the best ones you can buy? Recognising the value of the company car market in supporting the transition to zero emission technology is also a positive endorsement for our sector, showing refreshing alignment between government’s environmental and fiscal policies.”, He added: “The Treasury is giving back some of the unfair Company Car Tax windfall it was set to receive as a result of WLTP and providing some essential extra visibility on future tax costs for those looking to order their next vehicle. By providing clarity of future the appropriate percentages, businesses will have the ability to make more informed decisions about how they make the transition to zero emission fleets.”, It added: “Appropriate percentages beyond 2022-23 remain under review and will be announced at future fiscal events. To target spending from this fund effectively, the Office for Low Emission Vehicles will complete a comprehensive electric vehicle charging infrastructure review. So watch this space, as more detail is needed.”. We run through the changes, and what they mean for British drivers.The post Budget 2020: EV Plug-in Car Grant CUT appeared first on Motoring Research. The Government has announced the largest ever investment in England’s motorways and major A roads. Typically, if your employer offers you a non-electric company car, you will be subject to BIK on it. Not only was GST on electric vehicles (EVs) slashed to 5%, the Budget … This compares to 37% at the opposite end of the emissions scale. The best electric bikes 2021: find your dream e-bike, whatever your budget By Macarthy Danzig , Cat Ellis 03 January 2021 The best electric bikes for all riders and terrains The Government says that access to high quality, convenient charging infrastructure is critical for drivers to make the switch to electric vehicles confidently. The statement comes as the Treasury has published BIK rates until 2022/23 – and has axed those that were previously planned to come into force from next April, with two tables being created – one for cars registered before 6 April 2020 and another for those registered after 6 April 2020. Diesel plug-in hybrids are classed as alternative fuel vehicles, so the 4% diesel supplement does not apply to these vehicles irrespective of RDE2 compliance. © Automotive Media & Events 2019. This was a really good Budget for the fleet industry and, despite the country's current woes, will be a welcome shot in the arm for the company car market for years' to come. The carbon tax on fuel will increase by €6 from €20 per tonne to €26 per tonne. Round-Up: Facelifted Passat shown, Hyundai teases new model, Mobile servicing ‘saves firms £1.1m’, Second Audi A3 PHEV confirmed, EVs attracting drivers back to company cars, Hyundai Tucson due in spring, Notion that company car is in decline must be corrected: AFP, Leasing: Be seduced by the lowest up-front cost at your peril, Guest Opinion: Small changes signal a big boost for electric fleets, Going the Distance: Tax boost for high-mileage PHEVs, Merry Christmas from the team at Company Car Today, Coffee with...Poppy Welch, Head of Go Ultra Low. Electric Vehicles Will Be Exempt From Company Car Tax From April 2020 21 October 2019 From 6th April 2020, Benefit in Kind (BIK) savings on efficient plug-in hybrid electric vehicles and battery electric vehicles will increase dramatically, in measures are designed to increase the uptake of fully electric cars … Budget 2020: Will There Be Incentives To Buy Electric Vehicles? In the tax year 2022 to 2023, the increase will bring the percentages back to their published rates in existing legislation. This 0% rate also applies to company car drivers in pure electric vehicles … Also great that he saw sense in removing the "luxury car" VED tax after year 1 for electric cars costing over £40k. Union Budget 2020 India: The 2019 Union Budget was a landmark one for electric mobility. Company car drivers that choose a fully electric car will pay no benefit-in-kind (BIK) tax in 2020/21, as the Government's revised tax bands aim to incentivise the uptake of low-emission vehicles. Vote in our poll by clicking here. Company car BIK rates 2020 - 2023. For cars first registered from April 6, 2020, most company car tax rates were due to be reduced by two percentage points, with a new zero percentage rate for pure electric vehicles (EVs). Some budget e-bikes have dodgy electric cabling; the B’twin’s is routed through the sturdy steel frame, which prevents problems from snagging. If registered after 6 April 2020. “In response, an appropriate percentage of 0% will be introduced for all zero emission company cars in 2020-21 (including those registered before 6 April 2020). Legislation will be introduced to extend the 100% First Year Allowances (FYAs) for low CO2 emission cars, zero-emission goods vehicles and equipment for gas refuelling stations by four years from April 2021. Vehicle Registration Tax (VRT) The wishlists for Union Budget 2020 are out and the auto sector hopes there will be a push for electric mobility. And don't forget electric cars costing less to run over the lifetime of the car than a petrol or diesel model - even more of a reason to drive electric. The Government has cut the plug-in car grant and abolished Premium Road Tax for electric vehicles, as part of the Budget 2020. Do you think it was a good Budget for the fleet industry? Eduarda Thomas, principal consultant at Lex Autolease, said: “The publication of company car tax rates beyond 2023 is a hugely welcome shot in the arm for the fleet market and gives decision makers the clarity they need to invest in greener fleets now. There was also an announcement around Capital Allowances. Look out for Fiat, Skoda, Mazda and Vauxhall as the cheapest electric cars in 2021. Legislation will be introduced to reduce the CO2 emission thresholds from April 2021, which determine the rate of capital allowances available through which the capital expenditure for business cars can be written down. The €50,000 limit means cars like the Tesla Model X won’t fully benefit from the 0% BIK rate on electric cars Wed, Oct 10, 2018, 10:59 Updated: Wed, Oct 10, 2018, 11:31 Peter Hamilton Another popular all-electric BiK-free executive car is the Audi e-tron. Ashley Barnett, head of fleet consultancy at Lex Autolease, said: “While the ultimate goal is to remove traditionally-fuelled vehicles from our roads, it can’t happen overnight, as too many people are reliant on a private vehicle for their way of life, and can’t currently afford an EV. There are now quite a few choices when it comes to budget e-bikes. Volvo’s exquisite XC40 SUV now has even more reason to be on your company car shopping list: the T5 Twin Engine PHEV model combines a 1.5-litre three-cylinder petrol engine with an 82hp electric motor to provide emissions of 47g/km and a BIK rate of 12% for 2020/21. Furthermore, it said it will make an “unprecedented investment” in urban transport, starting by confirming allocations of over £1bn from the Transforming Cities Fund. The 0% BiK rate for fully electric vehicles will go ahead for the 2020/21 tax year as announced in July 2019. Cheapest hybrid cars: our guide to the best-value petrol-electric cars of 2020. This is an important, positive moment on the UK’s Road to Zero journey.”. Sunak said: "We are doing everything we can to keep this country and our people healthy and financially secure.". Barnett said: "We welcome the Government’s decision to keep the plug-in car grant in place until at least 2022/3. For further analysis and fleet reaction on the Budget, see the March 26th edition of Fleet News. Benefit-in-kind on electric vehicles. The changes to company car tax introduce 15 new bandings, of which 11 will be for ULEVs. Prior to joining Fleet News in 2008, he worked in the public sector as a media advisor and is currently news editor at Fleet News. Benefit in Kind on Electric Cars. You may choose to make an electric car available to your employee for private use between now and 31 December 2020. NGC Budget Report: Boost for UK electric vehicle market Next Green Car's summary of the Chancellor's Budget 2020 as it affects vehicle tax, fuel duty, BIK rates and other motoring taxes and incentives. Fleet News is published monthly, in print and digital formats. Fleet decision makers can subscribe for free. The percentages will then be increased by one percentage point for each of the tax years 2021 to 2022 and 2022 to 2023. Claire Evans, head of fleet consultancy at Zenith, said: “The fleet industry will take real confidence from the confirmation of benefit-in-kind (BiK) tax rates and the further announcement they will be frozen at 2022/23 levels for an additional two years. Benefit-in-kind on electric vehicles. "We hope that company car drivers and fleet managers feel incentivised to make the transition to electric vehicles on their road to zero.". Relief for Hybrid and Plug-In Hybrid Vehicles (PHEVs) Relief for hybrid electric vehicles and PHEVs is being extended until 31 December 2020. Leave a comment for your chance to win £20 of John Lewis vouchers. for diesel vehicles and €600 for other vehicles. “The threshold was put in place to identify and apply a surcharge to ‘luxury’ cars, but as times have changed, even entry-level models featuring the newest, cleanest engine technology can come with a similar price tag. Summary of Electric Car Tax Benefits. Read our Renault Zoe review. Recognising that the market for other ultra-low emission vehicles is still very small, the Government will also provide £129.5m to extend the Plug-in Grants for vans, taxis and motorcycles to 2022-23. Current company car BIK rates start at 0% for pure-electric cars, 3% for new PHEV models, 21% for the greenest hybrids, and 23% for any car with 100 g/km CO2 or more. This is reflected in a higher proportion of company cars with zero emissions – compared to private registrations – and the high proportion of these that are subsequently supplied to the second-hand market after 3-4 years,” said the Treasury. 2020 Budget makes electric vans cheaper Electrified vans are being made more attractive in two ways in the 2020 Budget. From 2020, the appropriate percentages for zero emission cars will drop from 16% to 2%, while those for cars with CO2 emissions between 1g/km and 50g/km will vary between 2% and 14% depending on the number of zero-emission miles the vehicle can travel. A cap of €50,000 applies to the relief. This is still a great budget proposition. The 4% diesel levy remains, however, as at present, RDE-2-compliant vehicles are exempt from the hike. Benefit in Kind on Electric Cars. “It gives the industry the certainty it needs and provides a commitment to low rates for drivers of EVs.”. “As the momentum shifts away from petrol and diesel, there will come a time where an increase in fuel duty is appropriate and will help fund investment in greener alternatives.”. The Government aims to announce appropriate percentages at least two years ahead of implementation to provide certainty for employers, employees and fleet operators.”, Reacting to the announcement, BVRLA Director of Policy and Membership, Jay Parmar said: “The Government has responded positively to the Company Car Tax campaign mounted earlier this year by the BVRLA, its members and fleet industry colleagues. Arguably the most important part of the 2020 Budget for fleets was that the company car tax rates announced last July were confirmed and will take effect from 6 April.. After several years of adjustments in the benefit-in-kind (BIK) rates, fleets should finally have … 2 MHCLG's CDEL budget in 2020-21 includes technical adjustments along with Budget announcements since Budget 2018. Figures published by the Society of Motor Manufacturers and Traders shows 38,000 pure electric new cars were bought in 2019, more than double the total in the previous year. In the March 2020 Budget, the chancellor announced that the BiK rates for all company cars for the tax years 2023/2024 and 2024/25 tax year would remain at the 2022/23 levels. It will take forward schemes such as dualling the A66 Trans-Pennine and upgrading the A46 Newark bypass to address congestion, and building the Lower Thames Crossing to increase road capacity across the Thames east of London by 90%. At a fraction under £2,000, this is a great value electric bike. In addition, the Chancellor announced the removal of Vehicle Excise Duty (VED) for zero-emission cars with a list price exceeding £40,000, starting from April 2020. “We are optimistic that the lack of clarity in recent years is behind us and hope that five-year visibility is maintained in the years to come.”. budget 2020 impact on company car tax, BIK tax, fuel duty, electric cars, VED and capital allowances The Chancellor has announced new company car tax rates in a Budget … Cheapest hybrid cars: how to buy a good value hybrid in 2020. Nigel Morris, tax director at MHA MacIntyre Hudson, said: "The proposal to retain the ability for businesses to reclaim 100% First Year Allowances on the purchase of a zero emission vehicle up to April 2025 will help some companies to fund the additional costs of an EV over an ICE (internal combustion engine) car with the accelerated allowances. Chancellor is expected to announce incentives to boost electric car sales in this tomorrow's Budget ... currently facing a 16 per cent BIK rate. “As plug-in vehicles move towards parity with traditionally-fuelled vehicles, government funding can be reduced and ultimately phased out. Leasing rates may be hit by the WDA change moving from 110g to 50g where lease companies employ a two-tier finance rate using the WDA threshold. Rishi Sunak warned MPs in the House of Commons that there would be a “significant but temporary disruption” to the UK economy but insisted "we will get through this together”. "However, moving vehicles with a CO2 rating of between 1g/km and 50 g/km into the standard writing down pools will increase the period of time over which capital allowances for those vehicles can be claimed.". Firstly, the Plug-in Van Grant is being extended until at least 2022-23, thanks to the provision of a further £129.5 million to pay for … I think it will make some think twice about taking cash and go a massive way to helping drive EV uptake more widely and in the used market. It has therefore announced £500 million over the next five years to support the rollout of a fast-charging network for electric vehicles, ensuring that drivers will never be further than 30 miles from a rapid charging station. Union Budget 2020 India: The 2019 Union Budget was a landmark one for electric mobility. This will include a Rapid Charging Fund to help businesses with the cost of connecting fast charge points to the electricity grid. Previously, electric cars that cost more than £40,000 when new incurred a VED rate of £320 per year for five years in what has become known as 'premium tax'. If you continue to use this site we will assume that you are happy with it. If registered before 6 April 2020, BIK is fixed at 31% for the next three years. At a fraction under £2,000, this is a great value electric bike. 6 comments. rising to 31% over the same period. Vehicle Registration Tax (VRT) This will deliver a range of local transport schemes, including an iconic new Central Park Bridge in Plymouth, a significant increase in the capacity of the Tyne and Wear Metro, and new cycleways in Bournemouth, Christchurch and Poole. The new 50g/km threshold will also apply for determining the lease rental restriction for costs of hiring business cars for more than 45 consecutive days. The new company car tax rates were expected to be rubber stamped in the Autumn Budget, ahead of coming into force from April 2020. The Government says it is committed to bringing roadside concentrations of polluting nitrogen dioxide gas within legal limits in the shortest possible time. The second Road Investment Strategy (RIS2) will spend over £27 billion between 2020 and 2025. Spring Budget 2020: Electric cars exempt from VED surcharge By Natalie Middleton / 10 months ago / Latest News / No Comments Providing a further incentive for drivers and fleets to switch to electric cars, the chancellor has announced that zero-emission cars will be exempt from the Vehicle Excise Duty (VED) ‘expensive car supplement’ until 2025. Simon Carr, chief commercial officer at Alphabet, said: “The announcement of 0% BIK tax rates for pure battery electric vehicles from April 2020 – followed by 1% in April 2021 and 2% in April 2022 – could see a renaissance for the company car and give us real momentum on the road to zero. Customs duty has been increase on imported vehicles, auto parts and components for manufacture of mobile phones. You'll be joining a growing crowd; nearly 6% of all new-car purchases in 2020 were fully electric vehicles, compared with 1.5% market share in 2019. SINGAPORE Singapore’s deputy prime minister Heng Swee Keat, today announced measures to improve the adoption of battery electric vehicles (BEVs) in Singapore, with a three-pronged plan announced during the Budget 2020 speech. These include junction improvements to the A350 in Wiltshire, a link road connecting Chesterfield to Staveley, and a dual carriageway in Warwickshire. In the tax year 2022 to 2023, the increase will bring the appropriate percentage back to their published rates in existing legislation which will be sustained throughout the tax years 2023 to 2024 and 2024 to 2025. The emphasis on zero-emissions electric power for road vehicles is gathering momentum fast, with Budget 2020 confirming that all zero-emission electric cars will be exempt from company car tax in 2020/21. Check how much they'll cost to run with our Car Running Cost calculator. The Spending Review in November 2020 underlined the Government's renewed The Government  says it is considering the long-term future of incentives for zero emission vehicles alongside the 2040 phase-out date consultation. The €50,000 limit means cars like the Tesla Model X won’t fully benefit from the 0% BIK rate on electric cars Wed, Oct 10, 2018, 10:59 Updated: Wed, Oct 10, 2018, 11:31 Peter Hamilton HM Treasury published how it intended to change them to counter the impact of the new emissions testing regime, Click here for electric cars and hybrids best practice and procurement insight, Coronavirus: Speed awareness courses suspended, Young drivers banned after reaching six points, Budget 2020: Plug-in grant for electric vehicles cut, Budget 2020: BVRLA welcomes support for fleet and leasing industry, Budget 2020: Fleet industry reacts to the Budget, BMW i4 completes final testing before launch, Vauxhall faces emissions ‘cheating’ claims, Fleet News Awards 2021 - Your time to shine, Broker partnerships expand Select Car Leasing business, Royal Mail and Asda to debate future of transport sector post Covid-19, Paul Willcox to replace Stephen Norman as Vauxhall MD, Mercedes reveals EQA compact electric SUV, How to navigate the penalty charge notice ‘nightmare’, LeasePlan UK agrees remarketing deal with BCA, Fleets ‘unaware’ of new zero BIK rate for electric vans, EV and hybrids account for 70% of Tusker’s 2020 orders, Grey most popular new car colour in the UK, EV residual value warning as used diesels report price rise, VRA announce webinar series to help remarketing sector post-Covid-19, Fleet and businesses registrations down by a third in 2020, New investor provides hope for SsangYong following bankruptcy application, DfT and HSE want fleet views on driving for work guidance, Fleet and leasing industry reacts to Brexit deal, New DfT guidance for drivers travelling to Europe. “However, whether this is new money – and not the £400m announced via the Industrial Strategy - remains to be seen. This is expected to be extended in Budget 2020 For Electric Vehicles BIK is 0% where It means that fleets can plan ahead with confidence in the rates, which were set out in July 2019 as a result of the WLTP consultation. Would you be willing to share vehicle data as long as anonymity is maintained? We run down the very best affordable electric city cars, ... Volkswagen’s smallest electric car predates the new ID range and was updated in 2020 with … The 0% benefit-in-kind (BIK) rate for electric vehicles will be extended to 2022. The Fleet News car tax calculator lets you work out tax costs for both employer and employee. (due to end December 2021.) Most of today’s EVs look like conventional cars, and offer better overall performance than gas-powered vehicles. The Chancellor has announced new company car tax rates in a Budget dominated by measures to lessen the economic impact of Coronavirus. Ref: EV CHARGING INFRASTRUCTURE, does anyone know if the range of measures included in the Chancellors spending include an increase to the OLEV and WCS grants for home chargers and workplace chargers because rapid charging isn't the only factor holding EV's back? Rishi sunak gives his first Budget today ( 11 March 2020 ) Budget 2020 2025! Also great that he saw sense in removing the `` luxury car '' VED tax after year for. The rate will rise to just 1 % in 2022-23 made more attractive in ways. Car '' VED tax after year 1 for electric cars provided to affected local authorities take...... 2020 — 7.35pm cheapest hybrid cars: our guide to the electricity grid there are now a. ; previously it was a good Budget for the new rates 2020 India: the 2019 Union 2020. 0 % for the new rates ever investment in England ’ s decision to this... Vehicle Registration tax ( VRT ) Budget has announced new company car market in supporting the to. 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