Chancellor Philip Hammond’s Spring Budget included a number of announcements impacting on motorists.
Many tax measures, including those relating to company car benefit-in-kind tax to the end of 2020/21, Vehicle Excise Duty for cars first registered from April 1, 2017; capital allowances; car fuel benefit charge; van benefit charge; van fuel benefit charge and Insurance Premium Tax had been previously announced.
Here are six key points from the Budget that could affect you:
Fuel duty – frozen again in 2017. It is the seventh consecutive year that there has been no increase.
Vehicle Excise Duty (VED) – from April 1, 2017, VED rates for cars and vans registered before April 2017 increase by the rate of inflation.
Corporation Tax – the main rate will reduce to 19 per cent from 20 per cent in April 2017 before being cut again to 17 per cent in 2020/21.
Air quality – the government is committed to improving air quality, and will consult on a detailed draft plan shortly which will set out how the UK’s air quality goals will be achieved.
Driverless car technology – an investment of £270 million to keep the UK at the forefront of so called ‘disruptive technologies’ which include driverless vehicles as well as biotech and robotic systems.
Investment to ease traffic congestion – £90 million for the north and £23 million for the midlands from a £220 million fund that addresses pinch-points on the national road network (though not the A27!).