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HMRC Advisory Fuel Rates from 1st December 2017

HMRC Advisory Fuel Rates from 1st December 2017

HMRC Advisory Fuel Rates from 1st December 2017

Her Majesty’s Revenue and Customs (HMRC) have announced the new Advisory Fuel Rates (AFR) for December 2017.

The larger Petrol vehicles 1401cc and over have had their rates increased by one pence per mile (ppm), vehicles with the 1400cc or less remain unchanged this quarter.

The diesel band with an engine size over 2000 cc has increased by 1p all other diesel bands remained the same.

AFR’s apply to companies that reimburse employees for business mileage in their company car or when employees need to repay the cost of fuel used for their own private use in a company car.

For more information on mileage rates or Advisory Fuel rates and what you should be claiming visit:

http://www.fleetinnovations.com/blog/tag/advisory-fuel-rates/

The new advisory fuel rates for the 1st of December 2017 are listed below in bold, previous rates in brackets. You can use the previous rates for up to 1 month from the date the new rates apply.

Engine size Petrol             LPG
1400cc or less             11p      (11p)             7p        (7p)
1401cc to 2000cc             14p      (13p)             9p      (8p)
Over 2000cc             21p      (21p)             14p      (13p)

 

Engine size  Diesel
1600cc or less             9p        (9p)
1601cc to 2000cc             11p      (11p)
Over 2000cc             13p      (12p)

Hybrid cars are treated as either petrol or diesel cars for this purpose.

Source:  https://www.gov.uk/government/publications/advisory-fuel-rates/current-rates

For all current PEAK users the PEAK mileage system has already been updated with the new HMRC rates, therefore when the new rates come into effect on the 1st they will automatically change.

Rates are revised quarterly so check back for the next update which will take effect on 1st of March 2018.

 

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