+++ Oil Tax Windfalls :Treasury Rakes £115m Weekly More Than Budget Forecast +++

Maurice Fitzpatrick, senior tax manager at Grant Thornton, the accountants is quoted in the FT:

Since the Budget in March, the Treasury has already taken an estimated £820m more than its forecasts in North Sea oil tax. The £6bn of surplus revenue would easily cover the cost of U-turns on both fuel duty and vehicle excise duty, where ministers are introducing new bands which could cost an extra £200 for drivers of inefficient cars. Deferring the 2p increase in fuel duty by six months would cost £550m. Scrapping the revamped vehicle excise duty altogether would mean the loss of an estimated £465m next year and £735m next year – although ministers may only remove the retrospective element of this tax.

So scrapping the poll tax on wheels and the 2p hike on petrol taxes would cost about 9 weeks extra than forecast windfall taxes due to high oil prices. Scrap ’em now…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Trevor Kavanagh’s analysis of the Brexit process…

“Thanks to Mrs May and her useless Chancellor Phil Hammond, this will not come without pain. But we escape with imagination and true British grit or we will be boiled alive.

It means on this centenary Remembrance of our struggle against tyranny, we risk ceding non-military victory in Europe to the undemocratic forces of an unaccountable totalitarian regime.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.