Edited by author 23-03-2007 09:00 PM
Red Diesel Article received from IWA
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Following meetings with IWA, British Marine Federation and Royal Yachting Association, as part of the budget announcements on 21st March, H M Customs & Revenue has agreed that the current lower rate of taxation of diesel used in pleasure craft will remain until 1st November 2008. From this date, fuel used for private pleasure boating will no longer benefit from the current reduced rate of duty. The change in regulations will be made by an amendment to The Hydrocarbon Oil Duties Act 1979, through the 2008 Finance Act. The exact arrangements are yet to be worked out, as H M Revenue & Customs has agreed to hold a formal consultation later in 2007. However, the budget announcement appears to provide two more summers of boating at the lower rate of taxation