Helping you prosper

Car taxation

The reduced economic activity, additional support payments in terms of grants, furlough compensations and the like and, coming over the hill, the expectation that at least £30bn, will be lost in fuel duties with the increasing take up in electric car use.

The Treasury is looking at alternative funding models now, but perhaps is not looking at this in isolation. This may form part of a wider consultation on decarbonising the UK by 2050, as has been recently announced.

I feel that all that can be said at the moment, is the taxation of cars and transportation in general is going to become an ever more important and changing arena, as the Government are going to be looking to both raise taxes whilst also encouraging consumers away from petrol and diesel cars to electric.

The next few budgets will give us a greater indication of the way that taxation policy in this area will go but if you are in the positon of reviewing a car fleet policy or updating vehicles on a cyclical basis then consideration of the future does need to be considered now.

The next step

If this is something that we at UHY Hacker Young can assist you with then please contact Brian Carey or visit our dedicated automotive page for further information.