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Lube oil is Budget bright spot
Page 28
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• Certain lubricating oils which were expected to be standard rated under value-added tax will come within the zero-rated category. This is one let-off for transport in the Chancellor of the Exchequer's Budget. His description of the Budget as "neutral" is particularly apt for transport, writes CM's Parliamentary correspondent.
All automotive and burning fuels — petrol, dery fuel oil, paraffin and lubricating oils which are wholly hydro-carbon oils are also zero-rated.
As expected VAT is to be levied generally at 10 per cent although thetransport of freight or passengers outside the UK will be zero rated and so will passenger rates within the UK.
A further Order, laid before Parliament after the Budget speech, provided for the zero rating of most transport marine and aviation insurance and other overseas insurance and the supply of financial services in connection with exports.
The hire in the UK of certain containers when they are to be used solely for the transport of international freight is also zero rated. This provision removes the tax liability which would otherwise have fallen on unregistered overseas traders who hire containers in this country. Fuel revenue duties and vehicle licences remain unchanged.
The Chancellor did not rule out the possibility of a "mini-Budget" later this year.
The employer's flat rate contribution for National Health Insurance for men is to go up by 14p a week. Earnings ceiling for graduated contributions goes up by £6 to £54 a week and the graduated rate will go up by 0.25 per cent on earnings between £9 and £54 a week. The flat rate contribution is cut by 4p a week so that men earning below £24 a week will pay slightly less than at present.