Report
of the Autumn Statement
As usual we have a prompt report on what the Chancellor has had to
say shortly after her finished his statement to MPs which highlights
the key points of interest to V8 Register members.
See our earlier report
on fuel duty
See our earlier article on UK
road tax
Is Labour right to claim theres a £22 billion black
hole in the public finances? More
Posted:
241030 @ 1455
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Fuel
duty rates freeze until 2025-26
The UK Government will freeze fuel duty
rates for 2025-26, a tax cut worth £3 billion over 2025-26 which
represents a £59 saving for the average car driver. The temporary
5p cut in fuel duty rates will be extended by 12 months and will expire
on 22nd March 2026. The planned inflation increase for 2025-26 will
also not take place.
2025-26 Vehicle Excise Duty rates for cars, vans and motorcycles
The Government will uprate standard Vehicle
Excise Duty (VED) rates for cars, vans and motorcycles, excluding
first year rates for cars, in line with the RPI from 1st April 2025.
There was no mention of any adjustments
to the current VED exemption arrangement for historic vehicles over
40 years old.
Potholes
The financial settlement for the transport
sector provides increased investment in local roads maintenance. It
does this by "going beyond the governments promise to fix
an additional 1 million potholes per year and providing a £500
million cash increase on 2024-25 local roads maintenance baseline
funding".
Alcohol duty
The UK Government will support pubs and
the wider on-trade by cutting alcohol duty rates on draught products
below 8.5% alcohol by volume (ABV) by 1.7%, so that an average ABV
strength pint will pay 1p less in duty. The Government will also increase
the discount provided to small producers for non-draught products,
and maintain the cash discount provided to small producers for draught
products, increasing the relative value of Small Producer Relief.
Alcohol duty rates on non-draught alcoholic products will increase
in line with RPI inflation. These measures will take effect from 1
February 2025. The current temporary wine easement will also end as
planned on 1 February 2025. So a pint of
real ale should have 1p less in duty at your local pub.
Other topics
VED
on Electric Vehicles from April 2025
With the UK Government's
ban on the sale of new petrol and diesel vehicles from 2030 the reform
of motor taxes had become an urgent question for the Treasury because
the switch to electric cars means almost £30bn in fuel duty
raised annually for the Treasury will need to be replaced. VED will
be paid by electric vehicles from April 2025. |