NFDA BUDGET COMMENT

Published 16/03/2016 00:00:00 in Press Releases

The National Franchised Dealers Association (NFDA) represents 4,700 franchised dealers that sell, service and repair new and used vehicles, employing individuals in the customer-facing side of the motor industry.

Today’s budget announcement continues to encourage long term investment and help businesses. The government made clear their intention to ensure the UK economy remains on track

The measures announced will help businesses allowing more money to be invested in growth and employment. We are encouraged to see the further reduction in corporation tax following previous announcements and also the changes to the administration around the rating regime.

The holding of fuel duty rates will be of benefit to consumer – saving houses an average of £75 a year for the average household, allowing consumers more money to invest and spend elsewhere.

Sue Robinson

NFDA Director

 

CORPORATION TAX

It was announced that corporation tax will be cut to 17% by April 2020 - making it one of the lowest rates in the world.

BUSINESS RATES

The Chancellor announced reforms to business rates for small businesses.  Many businesses will be removed from paying rates, and there will also be simplifications to the administration and calculation of rates.

STAMP DUTY

Commercial stamp duty is to be reformed following the success of the changes to residential duty last year. Rates will be reduced mainly for the benefit of small businesses.

INSURANCE PREMIUMS TAX

This is to be increased by 0.5%. It was announced that any income raised will be put towards flood defense projects

FUEL DUTY

It was positive to head that fuel duty will remain frozen for the sixth year in a row.

 

 

ENDS

NOTES TO EDITORS:

Rupal Rawal, Press Officer
Tel: 020 7307 3412
Mob: 07528 977 157
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk  Email: rupal.rawal@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.

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