Fuel Duty Increase Scrapped in Budget

Fuel Duty Increase Scrapped in Budget

Fuel duty increases – We discuss here.

The planned increase in fuel duty of 4 pence per litre was scrapped in George Osborne’s budget yesterday. And a further 1 pence will be cut from pump prices immediately. The move will be paid for by an unexpected £2 billion tax on oil companies.

The chancellor was forced to reveal that the UK economy is expected to grow at a slower rate than previously predicted with the Office for Budgetary Responsibility cutting its growth forecast for 2011 from 2.1 percent to 1.7 percent.

£250 million will be made available to help first time house buyers obtain property whilst a scheme to help out of work homeowners pay mortgage arrears will be extended.

Corporation tax for companies with profits in excess of £1.5 million will reduce to 26 percent in April and not 27 percent as previously intended.

The VAT threshold will increase from £68,000 to £73,000 whilst the HMRC time to pay scheme to help struggling businesses with tax arrears will remain in place.

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.