Budget 2020: How has it Affected You ?
The key points from the 2020 budget are:
- The Plug-In Car and Van Grants are ti stay in place until 2023 with and extra £532m invested
- Grants are reduced from £3500 to £3000 from 12th March 2020
- Cars costing over £50,000 no longer qualify for the grant
- Company car tax rates are frozen between 2023 and 2025
- All zero emission vehicles are exempted from the VED 'expensive care supplement' until 2025
- £500m investment for rapid chargng infrastructure, including a new fund to support connections to the electricity grid
- Eliminating the Van Benefit Charge fro zero-emission vans from 2021
- Fuel duty frozen
- Capital allowance bands are tightened - only zero emission cars will qualify for 100% forst year allowance
This is excellent news for UK Carline as we are currently on track to double the amount of Plug-In vehicles leased this year form 2019. This has been an increase of just over 450% since 2016 which is a larger increase than both petrol and diesel combined. Because of the news UK Carline hope that the figures keep growing and growing with the investment in infrastructure we expect to sell more Plug-In vehicles than ever before. This correlates to the governments plan to ban new Petrol, Diesel and Hybrid car by 2035.