Double cab pickup tax loophole closing
Discussion
JustGetATesla said:
Sunak is giving a speech to the National Farmers Union conference today. So we know why they did a spectacular u-turn yesterday...
Ha. This is of course exactly why. HMRC probably went through all the procedures, but no one in govnt clocked what it actually might mean until they saw the headlines. Cue a speedy u-turn. What a bloody shower this lot are
DonkeyApple said:
Zero Fuchs said:
dave123456 said:
Hear hear.
Forgive me if it's too early and I'm not reading this right but...Good news?
The Government has performed a spectacular U-turn over its decision to treat double cab pick-ups as cars for taxation purposes by dropping the policy just seven days after announcing it.
https://www.autocar.co.uk/car-news/consumer/tax-hi...
https://www.fleetnews.co.uk/news/government-u-turn...
Edited by Zero Fuchs on Tuesday 20th February 08:18
You can imagine someone at the SMMT going absolutely apoplectic that a segment that accounts for c41,000 new vehicle registrations every year was about to take a significant dent.
HMRC making a massive policy balls up without ant proper consultation eh, who'da thunk it?
I might get my order in for one! (joke)
PurpleTurtle said:
The key part of that Auotcar article is the subheading "HMRC makes U-turn on changes to benefit-in-kind rules after criticism from motor industry"
You can imagine someone at the SMMT going absolutely apoplectic that a segment that accounts for c41,000 new vehicle registrations every year was about to take a significant dent.
HMRC making a massive policy balls up without ant proper consultation eh, who'da thunk it?
It's not HMRC who made the U-turn though. It was the government. You can imagine someone at the SMMT going absolutely apoplectic that a segment that accounts for c41,000 new vehicle registrations every year was about to take a significant dent.
HMRC making a massive policy balls up without ant proper consultation eh, who'da thunk it?
The Treasury's coffers are empty so I would expect that after the UK election, the closing of this loophole will be back on the table.
braddo said:
It's not HMRC who made the U-turn though. It was the government.
The Treasury's coffers are empty so I would expect that after the UK election, the closing of this loophole will be back on the table.
Why? The planned change would have applied 37% BIK to these vehicles. £7-8k a year for a 40% tax payer. Nobody would be paying that as nobody would have one as a company car. So you'd lose the moderate tax take of the fixed BIK and replace it with nothing. As well as incurring a big cost to small business and the rural economy. The Treasury's coffers are empty so I would expect that after the UK election, the closing of this loophole will be back on the table.
Its almost as if the Tories have no clue about business, or the rural economy, or tax, or competence...
JustGetATesla said:
JustGetATesla said:
Why? The planned change would have applied 37% BIK to these vehicles. £7-8k a year for a 40% tax payer. Nobody would be paying that as nobody would have one as a company car. So you'd lose the moderate tax take of the fixed BIK and replace it with nothing. As well as incurring a big cost to small business and the rural economy.
Its almost as if the Tories have no clue about business, or the rural economy, or tax, or competence...
Because the record breaking sales of DCPUs are not driven by people in the rural economy. There is pisstaking going on, which is why HMRC wants to close the loophole. Leaving it as is means HMRC miss out on VAT on the vehicle purchase and BIK NI (or income tax and NI if the company car is no longer provided). Its almost as if the Tories have no clue about business, or the rural economy, or tax, or competence...
braddo said:
Deesee said:
I hope you pay your accountant well. Record takings don't mean much when you're spending more than you earn. A UK government hasn't had a budget surplus (i.e. spent less than they earned) since 2000/01.
You have the UK financial needs at hand..
Record tax receipts injected back to our companies means more investment in UK plc.. (unless your from the CCP/USSR).
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