Report on the Autumn Budget 2018

Full details of the Autumn Budget 2018 measures announced are available on the HM Treasury website released following the Chancellor's statement to Parliament.

HM Treasury Autumn Budget 2018 document. More

HMRC Autumn Budget 2018 documents
. More

Report contributed by Chris Hunt Cooke
Posted: 181029
Budget Statement on Monday 29th October 2018
The Budget Statement made in the House of Commons by the Chancellor of the Exchequer, Phillip Hammond, on Monday 29th October 2018 provided an update on the Government's plans for the economy based on the latest forecasts from the independent Office for Budget Responsibility. These forecasts are published alongside the Budget Statement.

Full details are available on the HM Treasury website: Budget Statement 2018
Extracts from HM Treasury documents. More
Extracts from HMRC support documents. More
OBR forecasts. More

Following the Chancellor's statement to Parliament we have our usual prompt report on the few measures announced which will be of interest to classic car enthusiasts.


Headlines for classic car enthusiasts
Fuel Duty frozen - as announced by the Prime Minister at the Conservative Party conference, fuel duty will be frozen for a ninth consecutive year.

Vehicle Excise Duty rates and bands
No change to the VED rates other than RPI increases are to be made. VED rates have increased in line with inflation since 2010.

VED rates for cars registered before April 2018
VED rates will increase in line with RPI from 1st April 2019 for cars, vans and motor cycles. The budget documents make no mention of vehicles registered prior to 2001, but it seems likely that rates will increase by £5 or £10 in line with other rates.

Vehicle Excise Duty classic car exemption
No change to the rolling 40 year VED exemption announced at the Budget 2014.

Insurance Premium Tax (IPT)
The rate of IPT will remain unchanged.

Pothole repairs
£420m is to be allocated to local councils to repair potholes, not particularly a classic car item but of interest. It does not sound enough given the state of the roads.

Apprenticeships
Many classic car enthusiasts are concerned that the traditional skills needed to maintain their vehicles are passing with an older generation, so it is good news that further support will be given to apprenticeships.

V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net