Budget 2020 Summary

What did the Spring Statement deliver?

Following on from the 2020 Budget yesterday, the BVRLA has outlined the key points in its Budget 2020 summary which can be read here.

The key points for fleets and drivers are as follows:

  • Company car tax rates will be frozen between 2023 and 2025
  • All zero-emission vehicles will be exempted from the VED ‘expensive car supplement’ until 2025
  • £500m investment for rapid charging infrastructure, including a new fund to support connections to the electricity grid
  • £532m investment to maintain the Plug-In Car and Van Grants until March 2023
  • From 12th March 2020, the Plug in Car Grant is reduced to £3000 and cars costing over £50,000 no longer qualify
  • Van Benefit Charge for zero-emission vans will be eliminated from 2021
  • Fuel duty has been frozen
  • Capital allowance bands are to be tightened – only zero emission cars will qualify for 100% first year allowance

If you have any queries on how the budget may impact you or your fleet, please contact your Strategic Account Manager.