Report on the Autumn Statement 2016

Full details of the Budget announcements are available on the HM Treasury website released following the Chancellor's statement to Parliament.
Autumn Statement on Wednesday 23rd November
The Autumn Statement 2016 made in the House of Commons by the Chancellor of the Exchequer, Philip Hammond, on Wednesday 23rd November provided an
update on the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility. These forecasts are published alongside the Budget Statement. Full details of those announcements are available on the HM Treasury website .

Following the Chancellor's statement to Parliament we have as usual a prompt report on the few measures announced which will be of interest to the classic motoring enthusiast.


See extracts from the HM Treasury document. More


Headlines for classic car motoring

Fuel Duty - the fuel duty rise expected in 2017 has been cancelled.That means no rise in fuel duty for the 7th successive year. The average motorist will save £130 from this fuel duty increase freeze.

Insurance premium tax - the tax rate will rise from the current 10% to 12% from June 2017. In the Budget 2016 in March earlier this year the rate was increased from 9.5% to 10% so a combined increase of 2.5% in 2016!

Vehicle Excise Duty rates and bands - no change to the RPI increases announced in the Budget earlier this year.

Vehicle Excise Duty classic vehicle exemption - no change to the rolling 40 year VED exemption announced at the Budget 2014.

Crackdown on whiplash insurance claims that push up insurance premiums. More

Autumn Statement 2016 document from HM Treasury. More

See the HMRC documents webpage
. More

Preview of the Autumn Statement 2016

See our preview. More


See our report on the Budget 2016 in March 2016. More
VED exemption guide
Updated flowchart & More
Original VED exemption guide

What is a typical increase in insurance premium tax likely to be in 2017?
See our worked example. More


Posted: 161123 @ 1345 & updated: 161128 V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net