New fuel benefit and van benefit charges announced for 2014/15


The Treasury has announced that fuel and van benefit charges are to see increases for the next tax year.

The changes will see the company car fuel benefit charge multiplier rise from £21,100 for 2013/14 to £21,700 for 2014/15, making free private fuel even less worthwhile for fleet drivers.

Meanwhile the van fuel benefit charge rises from £564 for the current tax year to £581.

In addition, the van benefit charge is to rise from £3,000 for 2013/14 to £3,090 for 2014/15.

Commenting on the changes to the company car fuel benefit charge, Jeff Whitcombe of BCF Wessex Consultants Limited pointed out that not only is there an increase of £600 in line with RPI and as announced in the 2013 Budget but also the appropriate BiK percentage for most cars will increase by 1% in April 2014 and fuel prices are at their lowest level since 2011.

He added: ‘Essentially with tax rising and fuel prices falling, there’s a double whammy for drivers that should make them question the benefit of free fuel.’

 

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