Advisory fuel rates from 1 March 2023

HMRC have published new advisory fuel rates for company car drivers which apply from 1 March 2023. 

The most notable change this quarter is that the rates reflect the fact that fuel prices are starting to come back down from the highs of last year. Energy prices are still high though and this is reflected in the increased electric car rate, which goes up by 1p to 9p. 

The electric rate will be reviewed quarterly from 1 March 2023. 

The new rates per mile are:

* Fully electric cars only

Hybrid cars are treated as either petrol or diesel cars for these purposes.

The old rates may be used until 31 March 2023, see Advisory fuel rates (company car drivers)

Useful guides on this topic

Company cars
Company car tax. How do you work out car benefits? How do you work out the car fuel benefit? Are there savings for low-emissions vehicles? How do you reduce the car benefit? Cars and the tax tribunals and Top Tax Tips.