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As promised by HMRC two weeks ago, new Advisory Fuel Rate (AFR) figures have been issued, one month ahead of their implementation.
AFRs cover fuel-only payments for company car drivers on work business.
Responding to pressure from the business car industry, particularly from ACFO, HMRC has promised to review rates on a six monthly basis and if there has been significant change in fuel prices adjust the AFRs.
The new figures set to come into operation on 1 January 2008 see a rise of 1p in the 1400cc or less and over 2000cc categories for all fuels, but remain unchanged for vehicles above 1400cc up to and including 2000cc.
Figures for the 1401 to 2000cc categories are unchanged because of 'rounding-up'.
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HMRC Notes:
1. Mean mpg - miles per gallon - from manufacturers information, weighted by annual sales to businesses (Society of Motor Manufacturers and Traders (SMMT), 2005).
2. Applied mpg - adjusted downwards by 10% to take account of real driving conditions and lower fuel economy for older cars.
3. For LPG, mpg is assumed to be 20% lower than for petrol due to lower volumetric energy density.
4. Department of Trade & Industry's latest petrol and diesel prices (November 2007), LPG from AA website (October 2007).
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