Finance Bill 2012: Changes to fuel duty
As revealed in the Autumn Statement last week the government has confirmed in the Finance Bill 2012 that the proposed 3.02ppl (pence per litre) increase in fuel duty, effective from 1 January 2012, will be deferred until 1 August 2012.
In addition, the further inflation increase that was planned for 1 August 2012, expected to be worth 1.92ppl, has been cancelled.
The Chancellor had been under increasing pressure to defer the increases due to high fuel bills which have added significantly to household and business costs.
The impact on businesses, compared to the policy announced at Budget 2011, means that an average haulier will be £300 better off in 2011-12 and £900 better off in 2012-13, giving a total of £1,200 better off over the two years.
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