1p a litre off fuel what a joke?

ChrisE91 · 03-24-2011, 07:26 AM

LOL your brother looks cool.

JaySTee · 03-24-2011, 08:19 AM

Quote:

Originally Posted by ChrisE91

LOL your brother looks cool.

You didn't see what he was driving - Renault Kangoo

NFS · 03-24-2011, 03:41 PM

If I pay £ 1.390 for a litre of fuel the Govt gets the following:

VAT = £ 0.278
Fuel Duty = £ 0.582

Total Tax = £ 0.860

That equates to a marginal tax rate of about 162%

Of course I also have to buy this out of taxed income, which means the government gets a further £0.650 before the money even reaches me.

If you add that in the tax rate is 284%

1p reduction is taking the piss. It will probably have gone up another 5p by the end of the week so that the oil companies can pay the government the extra tax they are being charged.

If that happens the Government also get their penny back due to the extra VAT.

03-24-2011, 07:26 AM	#23
ChrisE91 First Lieutenant 16 Rep 348 Posts Drives: 2007 E91 320D M Sport Join Date: Mar 2011 Location: Northamptonshire iTrader: (0)	LOL your brother looks cool. __________________ 2007 320D M Sport Touring Sparkling Graphite
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03-24-2011, 03:41 PM	#25
NFS Major General 275 Rep 9,218 Posts Drives: M340i Join Date: Jul 2006 Location: UK iTrader: (0)	If I pay £ 1.390 for a litre of fuel the Govt gets the following: VAT = £ 0.278 Fuel Duty = £ 0.582 Total Tax = £ 0.860 That equates to a marginal tax rate of about 162% Of course I also have to buy this out of taxed income, which means the government gets a further £0.650 before the money even reaches me. If you add that in the tax rate is 284% 1p reduction is taking the piss. It will probably have gone up another 5p by the end of the week so that the oil companies can pay the government the extra tax they are being charged. If that happens the Government also get their penny back due to the extra VAT.
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