End of petrol cars presents tax gap - Kevin Nicholson, head of tax at PwC, comments:
The ban on new diesel and petrol vehicles from 2040 is the death knell for fuel duty revenues. This will leave a big hole in the Treasury's coffers. Fuel duty currently accounts for 4% of UK tax receipts, bringing in nearly £28bn this year. In comparison, Stamp Duty Land Tax brings in about half that amount, and council tax raises £30bn.