 HM Treasury website See a guide to Budget statement buzzwords. More... Autumn Budget preview released in June 2024. Preview 240608 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. Updated: 240929 Posted: 240810 |
Autumn
Budget Statement 2024 The date has been announced for the Autumn Budget as Wednesday 30th October 2024. Rachel Reeves laid out the new Labour Goverment's economic agenda in her first speech as the new Chancellor of the Exchequer on 8th July 2024. Report on Rachel Reeves first speech as Chancellor What could we see of interest to classic car enthusiasts? Possible changes in fuel duty A lead item in the I newspaper on Saturday 10th August 2024 says Chancellor Rachel Reeves is weighing up lifting the 13-year-freeze on fuel duty, but that she faces a dilemma as a poll commissioned by the I "shows voters are not in favour of it. The impact of a fuel duty increase would be more than a hit on drivers' motoring costs as it would have a compounding effect in the UK economy more widely with higher transport costs for suppliers delivering goods and services and higher public transport costs. See the news item & More & Update on 29th August 2024 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. 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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