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 |