“It’s positive that the Chancellor is committing to deliver much-needed support to businesses for energy bills, as well as easing of the fiscal burden on employees with planned reductions for both National Insurance (NI) and income tax rates. New Investment Zones also have the potential to create significant opportunities for eligible businesses to leverage a series of additional tax incentives, including plant and machinery and enhanced structures and buildings relief. Businesses play a vital role in expanding the UK’s EV charging network, and whilst companies can currently benefit from the 100% first-year allowance for electric charge-points, we are interested to see how further relief will drive the ongoing development and installation of charging networks.
We of course welcome the acceleration of key infrastructure projects and hope adequate funding provisions are made available for decarbonisation within the Local EV Infrastructure Fund and Rapid Charging Fund to facilitate our continued progression towards Net Zero targets. However, it’s disappointing that there is still an absence of clarity on BIK rates post 2045/25 and the inequality of VAT treatment between home and public charge points has yet to be addressed. We are at a crucial point in EV adoption and if we are to maintain momentum, it’s paramount favourable BIK rates for low and zero-emission vehicles remain past the current cut-off. Now is not the time to slow down our efforts and we urge the Government to alleviate uncertainty and enable businesses and employees to plan their future mobility with confidence by setting rates out in the upcoming Autumn Budget”.
Caroline Sandall-Mansergh, Consultancy and Channels Manager at Alphabet.
*Article Source www.nelsonbostock.com