Whitehall cash for Green Investment Bank
Comments |
The Chancellor has announced an additional
£2bn on top of the existing pledge of £1bn for the new Green
Investment Bank and it will become operational in 2012, a year
earlier than anticipated.
The intention is to catalyse investment in carbon
emissions-cutting technologies such as wind power and to do this it
will be able to borrow from 2015-16.
The objective is to encourage consumers to move from fossil
fuels to clean energy in order to meet European Union climate
change targets.
In a separate measure, George Osborne set a minimum price for
power producers for emitting carbon dioxide at £16 per metric tonne
with effect from April, 2013, rising to £30 in 2020.
Relevant to small businesses is the increase of the company car
tax rates by 1% for 2013/14 for vehicles with CO2 emissions between
95gms and 220gms per kilometre.
Also important is the fuel benefit charge multiplier in
calculating the tax payable on fuel provided by employers for
company cars will increase from £18,000 to £18,800 with effect from
April 6, 2011.
As an incentive to those using their own cars for business use
the approved mileage rates will increase from £0.40 per mile to
£0.45 per mile for the first 10,000 miles.
- A summary of Budget measures is at
www.burgesshodgson.co.uk
Burgess Hodgson Chartered Accountants
Camburgh House, 27 New Dover Road, Canterbury, Kent CT1 3DN
01227 454627
kcm@burgesshodgson.co.uk
www.burgesshodgson.co.uk
Monday, April 11 2011
The KM Group does not moderate comments.
Please click here for our house rules.