+++ 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

President Trump on May’s Brexit deal:

“I would say that Brexit is Brexit. … The people voted to break it up. So I would imagine that’s what they’ll do. But maybe they’ll take a different route, I’m not sure that’s what they voted for.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Marr’s May Monopoly Marr’s May Monopoly
CCHQ Begs Association Chairmen CCHQ Begs Association Chairmen
Poll: Voters 2 to 1 for No Deal Poll: Voters 2 to 1 for No Deal
Paul Mason Reported to Police Paul Mason Reported to Police
Etonian Free Cabinet Etonian Free Cabinet
Tory MP Puts Letter In to Brady Tory MP Puts Letter In to Brady
Lord Carrington Lord Carrington
Poll: May’s Deal or No Deal? Poll: May’s Deal or No Deal?
Labour’s Chequers Survival Kit Labour’s Chequers Survival Kit
Whips’ Patsies in Full Whips’ Patsies in Full
Tories Will Lose Votes if They Cross Brexit Red Lines Tories Will Lose Votes if They Cross Brexit Red Lines
Remain Used Same Spending Tactics as Leave But Far Worse Remain Used Same Spending Tactics as Leave But Far Worse
Paul Mason’s Coming Home to England Paul Mason’s Coming Home to England
Penny’s Sign Language at Despatch Box Penny’s Sign Language at Despatch Box
Lefties Disappointed as England Win Lefties Disappointed as England Win
SNP Plot to Ruin England Match SNP Plot to Ruin England Match
MEPs Vote to Reject Transparency MEPs Vote to Reject Transparency
Labour Reinstate Jared Labour Reinstate Jared
Hancock Jumps on a Wall Hancock Jumps on a Wall