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HMRC reveals latest AFRs

Date: 10 December 2014   |   Author: Daniel Puddicombe

HM Revenue and Customs (HMRC) is reducing advisory fuel rates for smaller capacity petrol engines by 1p as of December 1.

Petrol vehicles with an engine size of 1400cc or less will see a drop from 14p to 13p, while vehicles over 2000cc will also see a 1p drop to 23p.

Diesel-wise, the rates remain the same aside from vehicles over 2000cc, which have gone down  by a penny.

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.

All other AFRs remain the same.

The rates apply to all journeys on or after December 1, 2014 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.

AFRs as of December 1, 2014

Engine size

Petrol

LPG

1400cc or less

13p

9p

1401cc to 2000cc

16p

11p

Over 2000cc

23p

16p

 

 

 

 

Engine size

Diesel

1600cc or less

11p

1601cc to 2000cc

13p

Over 2000cc

16p



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