Employee Car Ownership Schemes Debate
Full Debate: Read Full DebateDepartment: Department for Business and Trade
Baroness Neville-Rolfe
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Employee Car Ownership Schemes
Baroness Neville-Rolfe Excerpts(1 day, 10 hours ago)
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Lord Stockwood (Lab)
I thank the noble and right reverend Lord for declaring his interest. I believe that hybrid vehicles are going to be taxed at half the rate, which is 1.5p a mile, as opposed to 3p a mile.
Baroness Neville-Rolfe (Con)
I welcome the Minister to his first Question. He will be glad to know, returning to the original Question, that we agree that benefits in kind should be taxed at the appropriate level to avoid distortions. We also welcome the pragmatic delay in this new measure, to give individuals time to adjust. However, there are claims from the motor industry that there could be a substantial loss to the Exchequer, when job losses, lost VAT and excise duty are taken into account. With his new perspective, is the Minister confident that the Treasury has got its sums right on this?
Lord Stockwood (Lab)
Some three months into a new role, I am as confident as I can be about anything. The current projections are that it should not have a negative impact.