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Tax break to help black cabs turn green

Source: HM Treasury | 14/03/18

The government has confirmed that a new tax allowance for electric taxis will come into effect from April 2018, a year earlier than had been expected. The new exemption will be worth £1,550 for anyone purchasing a new zero emission black cab. In addition, zero emission taxis worth over £40,000 will no longer have to pay the Vehicle Excise Duty charge from this April.

It is hoped that these changes will help encourage more taxi drivers to replace old diesel taxis for a cleaner and greener alternative. Drivers will also benefit from over £400 a month in fuel savings.

Commenting on the announcement, Chris Gubbey the CEO of LEVC (formally London Taxi Company), said:

'We are delighted that the Treasury has brought forward previously announced changes to Vehicle Excise Duty for green taxis. These measures will encourage more cabbies to switch to zero emissions transport sooner – meaning improved air quality across the UK.

A small number of drivers who already own the vehicle or are expecting to take delivery in March will still have to pay an additional £310 charge. However, LEVC will compensate these drivers to ensure that they are not penalised for being the first to make the transition to a cleaner vehicle.'

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC

FT

BBC

VEALE WASBROUGH VIZARDS

CESP

PRACTICE INDEX

More Local:

IPAD CREATIVE

ANGLEBURY PRESS

OFFCAMBER.CO.UK

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