The Van Benefit and Car and Van Fuel Benefit Order, SI 2020/199, increases the multiplier figure used to calculate the cash equivalent of the benefit of fuel received by an employee for private motoring in a company car to £24,500 with effect from 6 April 2020. The cash equivalent of the benefit of a van is increased to £3,490 and the van fuel benefit figure is increased to £666.
The cash equivalent of the benefit of fuel is calculated by applying the ‘appropriate percentage’ (based on a car’s CO2 emissions) to a notional annual value (the multiplier). The multiplier figure will increase from £24,100 to £24,500 for the tax year 2020/21 and subsequent tax years.
The flat-rate figure which represents the cash equivalent of the benefit of a van provided to an employee will increase from £3,430 to £3,490.
The flat-rate figure which represents the cash equivalent of the benefit of fuel provided for private use in a van will increase from £655 to £666.
The Van Benefit and Car and Van Fuel Benefit Order, SI 2020/199, increases the multiplier figure used to calculate the cash equivalent of the benefit of fuel received by an employee for private motoring in a company car to £24,500 with effect from 6 April 2020. The cash equivalent of the benefit of a van is increased to £3,490 and the van fuel benefit figure is increased to £666.
The cash equivalent of the benefit of fuel is calculated by applying the ‘appropriate percentage’ (based on a car’s CO2 emissions) to a notional annual value (the multiplier). The multiplier figure will increase from £24,100 to £24,500 for the tax year 2020/21 and subsequent tax years.
The flat-rate figure which represents the cash equivalent of the benefit of a van provided to an employee will increase from £3,430 to £3,490.
The flat-rate figure which represents the cash equivalent of the benefit of fuel provided for private use in a van will increase from £655 to £666.
