Preview of the Autumn Statement 2013

George Osborne, the Chancellor of the Exchequer for the Conservative-LibDem Coalition government, will present his Autumn Statement to the House of Commons on Thursday 5th December 2013.

As usual we will have a report on the statement within an hour or so of the Chancellor sitting down in the House of Commons.

Budget 2013 - see our report in March
Our prompt report of the key points for classic car enthusiasts. More

Budget statement 2012- see our report

See our report. More & More

HMRC website
More


What might we see in the Autumn Budget Statement 2013?
The citywire money website has some predictions. More

ISAs - it's likely a lifetime limit on ISA investment may be introduced as a response to stories of a few diligent investors who have used their full ISA annual allowances each year.

Pensions - tax reliefs are likely to be in for a cut.

Stamp duty - fairer stamp duty tiers may be introduced to overcome what is seen as the unfairness of the "cliff edge" feature of the present stamp duty bands.

Personal allowance is already set to rise to £10,000 from April 2014 but both the LibDems and Conservatives have said they want to increase it further to £10,500 from April 2015 but there is the possibility of £12,500 as an election pledge.

Mansion tax - a clamp down on the superrich non residents using tax schemes to avoid capital gains tax seems likely but a mansion tax applied more widely seems a possibility, although the payment of the tax might be deferred until the property is sold or the owner dies. That would overcome the "asset rich/income poor" objection to that wealth tax but the deferred payment would reduce the benefit to HM Treasury in the short term.

Energy bills - a hot topic for many but a cold prospect for a significant proportion of the population and a political dogfight area. The "curb on green crap" with a reduction in energy price rises plus firmer regulation of the utility companies seem likely.

Plastic bag tax - it's coming soon and has arrived already in Wales and Eire.


Posted: 131203
Autumn Statement on Thursday 5th December
The Autumn Statement 2013 will be made in the House of Commons by the Chancellor of the Exchequer, George Osborne, later this week on Thursday 5th December.
The Statement provides 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 Autumn Statement on 5th December. Full details of the announcements will be available on the HM Treasury website following the Chancellor's statement to Parliament but as usual we will have a prompt report on the measures announced which will be of interest for the classic motoring enthusiast..

How will classic motoring suffer in the Autumn Statement?
What might we see in the Autumn Statement which is sometimes called the Mini-Budget"?

Fuel duty

The 1.89 pence per litre fuel duty increase that was due to take effect on 1st September 2013 was cancelled. The HM Treasury document released in March 2013 also mentioned that in 2015-16 the duty differential between the main rate of fuel duty and the rate for compressed natural gas will be maintained, and the duty differential for liquefied petroleum gas will be reduced by the equivalent of 1 penny per litre.
HM Treasury
& HMRC

VED rates increase by RPI
In the support document issued by HM Treasury shortly after the Budget Statement in March 2013 an announcement tucked away on page 84 provided the very welcome news that the Government will extend the cut off date from which classic vehicles are exempt from VED by one year. From 1st April 2014 a vehicle manufactured before 1st January 1974 will be exempt from paying VED. (Para 2.148, page 84) HM Treasury

How can I find the build date for my MGBGTV8?
See our guide note. More

VED rates and bands
The Budget Statement in March 2013 announced that from 1st April 2013 VED rates will increase in line with RPI, apart from VED rates for heavy goods vehicles (HGVs) which will be frozen in 2013-14. The Government has no plans to make significant reforms to the structure of VED for cars and vans in this Parliament. So the bands will remain. (Para: 2.146, page 83)
HM Treasury


Changes to transport taxes in the Budget statement in March 2012
A couple of clauses in the Transport taxes section, on page 70 in the Budget "red book", were interesting but further clarification is awaited. More

VAT - no change
Thankfully there was no increase announced in March 2013, so let's hope there is no rise in Thursday's statement.

Roads improvement scheme
Speculation over a new scheme to introduce private sector investment and management skills into road maintenance and/or new road building schemes was a news topic in March 2012. Shadow road tolling or public sector service charge payments are the likely source of payment from the public sector with possibly real tolls on new roads built by private sector investors and operators under these proposals. Awaiting clarification on this. More

Insurance tax
The standard rate of 6% (Jan 2011 - April 2012) remained at 6% for 2012-13 - see page B18 of the HMRC document. Tax rates & allowances Annex B
V8 Register - MG Car Club - the leading group for MG V8 enthusiasts at www.v8register.net