Could UK Tax Exemption Changes be in the Pipeline?
Could major changes be coming to the historic vehicle tax exemption we rely on? In today’s video, we’re unpacking a concerning piece of communication that hints at possible changes to the tax exemptions for classic cars in the UK. A subscriber’s back-and-forth with the DVLA might have inadvertently revealed the possibility that the UK Chancellor could be reconsidering the 40-year rolling exemption rule for historic vehicles. With Chancellor Jeremy Hunt’s Autumn Statement scheduled for November 22nd, and given the switch to electric vehicles, the government could be eyeing historic vehicles as a source of recouped revenue. This could affect approximately 1.5 million vehicles in the UK!
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I sincerely hope Chancellor Hunt doesn’t try to do anything against the Classic Car lobby as he will also affect the classic historical racing car industry too (not just Goodwood revival, Silverstone, Brands Hatch, etc but any British team off to compete in overseas races such as Monaco Classique!).
It should be remembered that Hunt is not even qualified to be a Chancellor! I don’t recall him ever having been a ‘Captain of Industry’ nor possessing any other business experience to warrant an automatic entitlement to the post of Chancellor of the Exchequer. I know more about Economics than he does. I am a proud holder of a BEC General Exam Certificate with very high marks in Economics alone and fully conversant in Procurement from my days in the Met. Police Civil Staff and before all that, a CSE in Economics at Secondary School (loosely translated, I could do his job!). Over to Mr Sunak to prove he is a ‘friend of the motorist’.
As always, Shahzad, keep up the good work.
Regards,
Steve.
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