details of the Autumn Budget 2018 measures announced are available on the HM Treasury
website released following the Chancellor's statement to Parliament.
Treasury Autumn Budget 2018 document. More
Autumn Budget 2018 documents. More
contributed by Chris Hunt Cooke
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.
are available on the HM Treasury website: Budget
Extracts from HM Treasury documents. More
HMRC support documents. More
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.
for classic car enthusiasts |
Duty frozen - as announced by the Prime Minister at the Conservative Party
conference, fuel duty will be frozen for a ninth consecutive year.
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.
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.
Excise Duty classic car exemption
No change to the rolling 40 year VED
exemption announced at the Budget 2014.
Insurance Premium Tax (IPT)
rate of IPT will remain unchanged.
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.
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.