The latest update to HM Revenue & Custom’s advisory fuel rates, effective from 1 March 2016, sees reductions to most rates:
|1,400cc or less||10p||8p||7p|
|1,401cc to 1,600cc||12p||8p||8p|
|1,601cc to 2,000cc||12p||10p||8p|
These rates can be used where a director or employee is reimbursed for business mileage they drive in their company car, or where they are required to reimburse the cost of private travel.
After a period of lower fuel prices, recent increases are likely to be reflected in the advisory fuel rates when they are next reviewed from 1 June 2016.