Today a review of business rates was launched.
Commenting on the review, Chris Hunt, Director General of UKPIA, said: “We welcome the government’s commitment today to review business rates and await further details with interest.”
The Chancellor in his Budget also announced that duty on road fuels will remain at the current rate of 57.95 pence per litre. The increase scheduled for September has been cancelled.
A VAT rate of 20% is also charged on the total pump price of diesel and petrol.
In 2014, duty and VAT accounted on average for 62% of the price of fuel at the pump. Pre-tax pump prices in the UK have been consistently amongst the lowest in the EU over the last 10 or more years.
For more information on pump prices, click here.
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Notes to Editors:
UKPIA represents eight oil refining and marketing companies that operate the six major oil refineries in the UK and source over 85% of the transport fuels used. UKPIA members also own around 1,800 of the 8,591 filling stations in the UK.