Government urged to budget for recovery
The BVRLA has urged the chancellor to deliver long-term tax certainty for the vehicle rental, leasing and fleet sectors in his spring budget.
This sector spends over £30bn a year upgrading fleets, purchases 83% of vehicles made and sold in the UK, supports almost 500,000 jobs and contributes £49bn a year to the UK economy, is calling for long-term tax certainty in the Budget.
BVRLA chief executive Gerry Keaney said: “This budget is an opportunity for the chancellor to introduce measures that will give the fleet industry the confidence to invest, create jobs, and support economic recovery.
“We need a long-term perspective on tax to combat uncertainty, support for the hard-hit rental sector, and some creative thinking on tax allowances that can unlock investment in green technology.”
He has urged the chancellor to freeze Vehicle Excise Duty until April 2022, clarify company car tax rates up to 2025-26, and expand green investment tax allowance.
Keaney said: “2021 will continue to be tough and the government will need to extend further support to businesses. Fiscal support is crucial and providing clarity, certainty, and creative incentives are vital to that mix. This will enable fleets to take important decisions that will help to make 2021 a year of recovery.”
