Budget 2015: What it means for company car drivers

George Osborne’s 2015 Budget is the last before the General Election in May 2015.

The biggest announcement is the decision to increase the tax rates for Ultra Low Emission Vehicles slower than previously announced, starting in 2019/20. However, tax rates for other cars will increase by three percenage points.

The other news was that the planned fuel duty escalator due in September 2015 has been cancelled. The increase is uusally a penny a litre plus inflation, but the chancellor announced this would not go ahead.

Osborne also announced that there would be an investment of £100m pounds into driverless car technology, as well as spending on the roads infrastructure of £2.3bn that is getting underway.

To find out what the current BIK bands are for the tax years ahead see below.

Find out what the cost of your company car tax is here.