2020 Budget: The important bits for EVs

The GOOD News

Support for electric vehicles has been extended in the budget to include the following measures:

• £532m to maintain the Plug-In Car and Van Grants until March 2023
• Company car tax rates are frozen at 2% taxable benefit for a further 2 years from April 2023.
• Additional funding for more rapid chargers
• VED (Road tax) now removed from ALL electric cars registered after 1^st April 2017 with a cost over £40K, known as the luxury car tax, saving £320 per year from year 2.
• The Governemnt have also kept the grant, recognising that the market for other ultra-low emission vehicles is still at an early stage of development, the government will also provide £129.5 million to extend the plug-in grants for vans, taxis and motorcycles to 2022-23
• The government will provide £500 million over the next five years for electric vehicle charging infrastructure.
• The Government Announced that they will invest further into the electric vehicle charging infrastructure to ensure that electric car drivers are never more than 30 miles from a rapid charging station.

The BAD News

• The Plug in Car Grant is reduced from £3,500 to £3000 from 12th March 2020, and cars costing over £50,000 no longer qualify. As a result, nearly all quotes will be slightly more expensive. If you are looking to order please be aware that you will need to have your quote updated.

£500m to support the rollout of new rapid charging hubs, so that drivers are never more than 30 miles away from being able to charge up their car. #Budget2020 pic.twitter.com/fPWtZ8re1S

— HM Treasury (@hmtreasury) March 11, 2020

BVRLA welcomes budget boost for zero emission fleets and drivers https://t.co/hzQqFAin7f pic.twitter.com/txdrk484ZC

— Robin Whitlock 🌍🌞🌜 (@RobinWhitlock66) March 12, 2020

What is the Plug-in Car Grant (PiCG)?

The Plug-in Car Grant is funded by the government. It provides a £3,000 discount on the purchase price of a brand new 100% electric vehicle costing less than £50,000.

How does the Plug-in Car Grant work?

When you receive a lease quote from us the grant has already been taken off the purchase price of the car. This means the initial and monthly rentals in your quote has been reduced accordingly and are accurate figures.
You won’t need to do anything to have the grant applied to the vehicle you are ordering, the manufacturer takes care of this on your behalf so it will already be applied to the vehicle.