27th February 2018

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 leemuter@unw.co.uk 

Photo: Front, l-r: Rajan and Anjali Malhotra, Marjorie Ridgway / Back, l-r: Alan Suggett, Karen Simms, Amanda Maskery, Paul Graham

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