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New advisory fuel rates for company cars have been announced by HMRC.
These figures give about one month’s notice of the changes and apply to all journeys on or after 1 July 2009 until further notice although the new rates can be implemented immediately where employers wish to do so.
Petrol hybrid cars are treated as petrol cars for this purpose.
The rates are reviewed twice a year. Any changes will take effect on 1 January and 1 July but will be published on the HMRC website about one month in advance.
HMRC will also consider changing the rates if fuel prices fluctuate by 5% from the published rates when each review is made.
The amounts can be used for VAT purposes but employers will need to retain receipts.
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