HMRC has increased the van benefit charge and the car and van fuel benefit charges by the consumer price index (CPI) from April 2023.
The flat-rate van benefit charge will increase to £3,960 from £3,600 in 2022/23.
The multiplier for the car fuel benefit will increase to £27,800 from £25,300, and the flat-rate van fuel benefit charge will increase to £757 from £688.
HMRC said that the annual uprating measures, announced in the Autumn Statement, ensure the tax system continues to support the sustainability of the public finances.
In addition, it said that they ensure that individuals continue to pay a fair amount of tax on valuable employment benefits.
Employers will be able to make the necessary changes to payroll systems and tax codes will be updated where appropriate, in advance of the 2023 to 2024 tax year, it added.
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Gareth has more than 20 years’ experience as a journalist having started his career in local newspapers in the 1990s. Prior to joining Fleet News in 2008, he worked in the public sector as a media advisor and is currently news editor at Fleet News.
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