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HMRC reveals latest AFRs

Date: 28 May 2015   |   Author: Daniel Puddicombe

HM Revenue and Customs has published the latest advisory fuel rates, due to be implemented from 1 June.

The sub-1600cc rate of repayment for diesel vehicles has been increase by 1ppm to 10p, while the 1601-2000cc band has risen by 1ppm to 12p, and the 2000cc and over category has fallen to 14p.

Petrol-wise, the sub-1400cc band has risen to 12p from 11p, the 1401-2000cc segment has increased to 12p and the 2000cc section has increased by 1ppm to 21p.

HMRC made the reduction as part of its quarterly review. The rates apply only where employers reimburse employees for business travel in their company cars or require employees to repay the cost of fuel used for private travel.

The rates apply to all journeys on or after 1 June 2015 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose.

Since March 2011 the rates have been reviewed four times a year. HMRC will no longer consider changing the rates if fuel prices fluctuate by 5% from the published rates.