7th Sep 2009, 10:27
A small piece of good news - fuel drawback rates increased as from 1st Sept 2009.
OK, its only a 1.23p/l increase , but if you are exporting 240l (50gall), thats an additional £2.95 on your drawback claim and better in the Group's account than in the Treasury.
7th Sep 2009, 11:58
Gordo and his mates will love you Koli if you think an increase on duty is good news.
Drawback is only getting back what you paid up front. Not even that in fact - you dont get refunded the VAT paid on duty :(
7th Sep 2009, 14:03
And when filling in a drawback form remember you can only claim the rate at which the fuel was purchased, not the date you went foreign, so you may need to split rates if you bought any of the fuel you exported prior to 1st Sept, you can only claim the 33.34p rate on it. (I had a drawback form bounced back over the last price hike window).
As the duty has now increased, that's another 1.23p on a litre (expect it will be rounded up) that everyone has to pay. Drawback is claimed on probably a very tiny percentage of the fuel bought, so there are more losers than winners :\