Car benefit changes 2013/14

Can you summarise what the changes to company car and van benefits are from 6 April 2013 please?

1st April 2013

From the 6th April 2013:

Company cars

  • The car fuel benefit charge multiplier will increase from £20,200 to £21,100
  • The lower threshold will be reduced from 120g/km to 115g/km
  • The lowest appropriate percentages are still 0 per cent and 5 per cent
  • The 10 per cent charge will now apply to cars with CO2 emissions of 76g/km to 94g/km
  • The appropriate percentage will increase by 1 per cent for all vehicles with CO2 emissions between 95g/km and 215g/km, to a maximum of 35 per cent

Vans

  • The van fuel benefit charge multiplier will increase from £550 to £564
  • The van benefit is frozen at £3,000

The rules and implications of company vehicles are far reaching, so you would be advised to seek professional advice from your local TaxAssist Accountant before acquiring a new vehicle. 

By Jo Nockels

Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Call us today to make an appointment at your local office

0800 0523 555

Or submit an enquiry