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Fleet managers must face up to fuel price increases, at least in the short term, after oil producers agreed to cut production for the first time since 2008.
Fleet funding costs and employee company car benefit-in-kind tax bills will increase amid warnings of a potential average £1,500 rise in new car prices, caused by Britain’s exit from the European Union.
Company car benefit-in-kind tax changes are to be introduced at the start of the 2020/21tax year, to encourage fleet and employee demand for ultra-low emission vehicles.
The government is to crackdown on tax efficient salary sacrifice/cash allowance car schemes as it seeks to plug a hole in HM Treasury’s coffers.
One of the UK’s leading economists has predicted that new car prices will rise and vehicle sales will drop as the fall-out from Brexit continues.