Report on the Autumn Statement 2012

George Osborne, the Chancellor of the Exchequer for the Conservative-LibDem Coalition government, presented his Autumn Statement to the House of Commons on Wednesday 5th December 2012. As usual we have a prompt report on the measures announced which will be of interest to the classic motoring enthusiast all within less than 30 minutes of the Chancellor sitting down in the House of Commons at 13.22pm.

Autumn Statement
The Autumn Statement, sometimes called the Mini-Budget, provided an update on the Government’s plans for the economy based on the latest forecasts published alongside the Autumn Statement by the Office for Budget Responsibility. Full details of the announcements are available on the HM Treasury website following the Chancellor's statement to Parliament but as usual we have a prompt report on the measures announced which will be of interest for the classic motoring enthusiast..

Autumn Statement 2012 from the HM Treasury website. More

HMRC support material for the Autumn Statement 2012. More

Parliament website on the Autumn Statement. More


Budget 2012 - see our report in March
Our prompt report of the key points for classic car enthusiasts. More & More

Budget statement 2011- see our report

See our report. More

Eight predictions from citywire money
More

HMRC website More


Posted: 121205 @ 1350
How has classic motoring suffered in the Autumn Statement or Mini-Budget?
This year the Chancellor's Mini-Budget was later than usual - in fact no longer an Autumn Statement as we are technically into Winter - but the good news today was a useful cancellation of the planned 3p fuel duty increase due in January 2013!

Fuel duty

The Chancellor did not postpone the planned 3p a litre increase in fuel duty due to apply from January 2013 to April 2013, he cancelled it! The announcement was:
To support motorists and businesses with the high cost of fuel, the Government will cancel the 3.02 pence per litre fuel duty increase that was planned for 1st
January 2013. The Government will move the 2013-14 increase planned for April 2013 to 1st September 2013. There will be only one fuel duty increase in 2013. For the remainder of the Parliament, subsequent increases will take effect on 1st September each year instead of 1st April.
(Para 2.90)
That announcement was what UK MG enthusiasts and motorists generally wanted to hear in the Autumn Statement - see our recent NEWS items on fuel duty.
More & More

VED rates increase by RPI
In the Budget in March 2012 VED for 2012-13 increased by inflation (RPI). So for the pre-graduated vehicles over 1549cc the VED rate rose rise by £5 from £215 (2011-12) to £220 from 1st April 2012. No further increase was mentioned in the Autumn Statement?.

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" in March 2012, were interesting but no further announcement was made in the Autumn Statement. More

VAT - no change
Thankfully there was no increase announced in March 2012 and no change was announced in the Autumn Statement.

Roads improvement scheme
Substantial investment in new road projects was announced by switching £1,000m from current expenditure savings to capital investment in roads infrastructure. The schemes mentioned were: upgrading on the A1, the A5-M1 link, A30 dual carriageway work and another M25 upgrade.
In the Budget in March 2012 there was speculation over a new scheme to introduce private sector investment and management skills into road maintenance and/or new road building schemes. 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 & see the roads to be ugraded

Insurance tax
There was no announcement in the Autumn Statement of any change on insurance tax. In the Budget in March 2012 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