Advisory Fuel Rates for March 2018 announced by HMRC
HM Revenue and Customs (HMRC) has published the latest advisory fuel rates, to apply from 1 March 2018.
The new rates, that only apply to employees using a company car, include a 1p per mile increase for petrol vehicles with an engine size of over 2,000cc. Rates for LPG-fuelled vehicles of 1,401cc to 2,000cc and over 2,000cc fall by 1p per mile, while diesel rates remain unchanged.
The new rates are as follows:
|Engine size||Petrol – amount per mile||LPG – amount per mile|
|1400cc or less||11 pence||7 pence|
|1401cc to 2000cc||14 pence||8 pence|
|Over 2000cc||22 pence||13 pence|
|Engine size||Diesel – amount per mile|
|1600cc or less||9 pence|
|1601cc to 2000cc||11 pence|
|Over 2000cc||13 pence|
The rates apply from 1 March, however employers can use the previous rates for up to one month from the date the new rates apply.
HMRC review these rates on a quarterly basis on 1 March, 1 June, 1 September and 1 December.
For more information please contact Lee Muter, Employment Taxes Partner, on 0191 243 6089 or at email@example.com
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