United Kingdom Tax Agency Updates Guidance on Company Car Advisory Fuel Rates

The United Kingdom HM Revenue and Customs Nov. 25 updated the guidance on advisory fuel rates (AFRs) for employer-provided company cars to include rates taking effect from Dec. 1. The updated guidance includes: 1) the advisory electric rate of 0.07 British pounds (US$0.08) per mile for fully electric cars; and 2) revised AFRs for petrol, diesel, and liquefied petroleum gas (LPG). The guidance also states that employees may use the previous rates for up to one month from the date the new rates take effect. [United Kingdom, Government Portal, 11/25/24]

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