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Government increases Van Benefit Charge
Date: Tuesday, December 10, 2013 | Author: James Dallas
The Government is to increase the van benefit-in-kind tax charge from £3,000 in 2013/14 to £3,090 in 2014/15, chancellor George Osborne confirmed in his Autumn Statement.
This works out at £618 for those on the 20% tax rate or £1236 for those on the 40% rate.
The chancellor also announced that from April 6, 2014 the van fuel benefit charge multiplier will increase from £564 to £581, resulting in a £116 charge for basic rate tax payers and £232 for higher rate payers.
Until April 2015, both the VBC and FBC rates are held at nil for electric vans, which produce no CO2 emissions.
The VBC does not apply to vans used exclusively for business purposes and commuting or for vans for which private use is deemed to be insignificant.
The chancellor also rubber stamped a £5m investment in a “readiness programme” to encourage the take up of electric vehicles in the public sector in 2014/15.
The cash is in addition to the summer 2013 announcement that saw the Government commit £500 million to support the take-up of ultra low emission vehicles. According to chief secretary to the Treasury Danny Alexander, details of how the £500m cash pot will be spent will be announced soon.
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