 HM Treasury website See a guide to Budget statement buzzwords. More... Report of the Autumn Statement 2024 As usual we will have a prompt report on what the Chancellor has to say shortly after she finishes her statement to MPs highlighting the key points of interest to V8 Register members. 5Posted: 240710 |
Autumn
Fiscal Statement 2024: when is it likely? Rachel Reeves has laid out the new Labour Goverment's economic agenda this morning in her first speech as the new Chancellor of the Exchequer. The expectation is the Fiscal Statement or Autumn Budget will be in late September or early October this year. It will probably be the Spring Budget in March or April 2025 when any tax changes will be revealed. 240711 Report on Rachel Reeves first speech as Chancellor What could we see of interest to classic car enthusiasts? Changes in Vehicle Excise Duty Any changes will probably be included in the Spring Budget 2025 including the former chancellor's proposed introduction of VED for electric vehicles. The Chancellor is likely to tread carefully so modest road tax increases following previous patterns are likely but one would expect fuel duty will remain unchanged as increases have a serious impact on drivers and also have a compounding effect in the economy more widely. See article on the future road tax Historic car VED exemption Classic car enthusiasts will very much hope the current rolling 40 year road tax exemption for cars with "Historic VED" status will continue. A change to a 30 year rolling basis seems very unlikely so unfortunately RV8 enthusiasts will need to wait until 2033 for the existing VED exemption benefit to reach them. Further increases in Insurance Premium Tax (IPT) - we hope there will be no further increases particularly with the serious rises in premiums seen recently. Capital Gains Tax and Inheritance Tax were not seen in the Labour Party election manifesto so we will need to keep a keen eye for any changes announced in the Autumn or next Spring. Currently there is no CGT on any gains made when selling classic vehicles as cars are seen as a wasting asset. More |
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