Wednesday, March 18, 2015
Today’s Budget is very welcome that Fuel Duty has been frozen again. FairFuelUK has campaigned relentlessly to show that lower pump prices and in particular cutting duty stimulates GDP, generates new jobs and lowers inflation. But why doesn't the Government go further and drive the UK economy continually upwards by cutting duty. It's proven that will happen. We give Mr Osborne 6 out of 10 for endeavour and will continue to campaign that duty should be frozen for the lifetime of the next Parliament with more pressure on a real cut in the Autumn Statement. The Treasury takes nearly 70% in tax and still has not called for an Pump Pricing Inquiry. The Chancellor has been extremely lucky because Oil Prices have fallen dramatically and consequential lower pump prices have hidden the huge amount of tax still being paid by 32m voting drivers. This means the Government can take credit and hide behind a continual freeze in this levy. Motorists continue to be fleeced by retailers, speculators and the Government. UK Motorists will decide at the ballot box in May which Party is best for them.
 
Full details of related tax issues in today's Budget:
 

Fuel Duty

The government will cancel the RPI inflation fuel duty increase of 0.54 pence per litre scheduled for 1 September 2015.

As announced at Autumn Statement 2014, from 1 April 2015, the government will apply a reduced rate of fuel duty to aqua methanol. The rate will be set at 7.90 pence per litre. The government will review the impact of this incentive at Autumn Statement 2016.


The Council of the European Union has fully approved the government’s application to extend the rural fuel duty rebate scheme to seventeen areas of the UK mainland. The scheme will be implemented on 1 April 2015 and will enable retailers in eligible areas to register for a 5 pence per litre fuel duty discount.


Vehicle Excise Duty (VED)

From 1 April 2015 VED rates for cars, vans, motorcycles and motorcycle trade licences will increase by RPI. Heavy Goods Vehicle (HGV) VED and Road User Levy rates will be frozen for one year. As announced at Budget 2014, from 1 April 2016 a vehicle manufactured before 1 January 1976 will be exempt from paying VED.





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