The National Franchised Dealers Association (NFDA) represents 4,700 franchised dealers that sell, service and repair new and used vehicles, employing individuals in the customer-facing side of the motor industry.
Today’s budget announcement continues to encourage long term investment and help businesses. The government made clear their intention to ensure the UK economy remains on track
The measures announced will help businesses allowing more money to be invested in growth and employment. We are encouraged to see the further reduction in corporation tax following previous announcements and also the changes to the administration around the rating regime.
The holding of fuel duty rates will be of benefit to consumer – saving houses an average of £75 a year for the average household, allowing consumers more money to invest and spend elsewhere.
Sue Robinson
NFDA Director
CORPORATION TAX
It was announced that corporation tax will be cut to 17% by April 2020 - making it one of the lowest rates in the world.
BUSINESS RATES
The Chancellor announced reforms to business rates for small businesses. Many businesses will be removed from paying rates, and there will also be simplifications to the administration and calculation of rates.
STAMP DUTY
Commercial stamp duty is to be reformed following the success of the changes to residential duty last year. Rates will be reduced mainly for the benefit of small businesses.
INSURANCE PREMIUMS TAX
This is to be increased by 0.5%. It was announced that any income raised will be put towards flood defense projects
FUEL DUTY
It was positive to head that fuel duty will remain frozen for the sixth year in a row.
ENDS
NOTES TO EDITORS:
Rupal Rawal, Press Officer Tel: 020 7307 3412 Mob: 07528 977 157 Press Office direct line: 020 7307 3422 Press Office fax: 020 7307 3406 Web: www.rmif.co.uk Email: rupal.rawal@rmif.co.uk
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.
