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Company Cars – Advisory Fuel Rates – New rates effective 1 July 2008
Monday, June 9th, 2008
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HMRC has given one month’s notice of new advisory fuel rates that apply from 1 July 2008. However, as the recent increase in fuel rates has happened very quickly and car drivers are already incurring higher costs, HMRC has stated that the new rates may be applied from 1 June 2008 if employers are able to do so.
HMRC documents the way in which the rates are calculated. They are based on average miles per gallon for the different engine sizes, reduced by 10% to give more realistic fuel consumption figures. The fuel prices used are
- petrol – 114.8p per litre (521.8p per gallon)
- diesel – 127.2p per litre (578.3p per gallon)
- LPG – 57.1 p per litre (259.6p per gallon).
Further information:
Company cars – advisory fuel rates from 1 July 2008
Click here to view the previous news item for Cars & Car Fuel
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