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What did we see in the Budget for motorists?

Postby Victor Smith » 18 Nov 2017 16:22

The Chancellor of the Exchequer, Philip Hammond, is due to present his next Budget statement to the House of Commons on Wednesday 22nd November 2017. It's likely his statement will focus on measures that would boost Britain's roads and railways together with measures to help build more houses. Possibly there may be yet more changes to stamp duty and possibly fuel and insurance taxes.

What could we see of interest to classic car enthusiasts? Well in previous Budgets we have seen measures to crack down on whiplash claims and other scams involving fraudulent claims. Press reports earlier this year suggested motor insurance premiums might rise because a change in the way compensation is calculated and we have seen from other reports on the V8BB that high motor insurance renewal premiums seem to show this may be the case. Will the welcome fuel duty freeze seen for well over four years continue?

The statement is expected to start at 12.30pm following Prime Minister's Questions. As usual we will have a prompt report on the statement and the measures announced of interest to classic motoring enthusiasts posted on the V8 Website within a half hour or so of the Chancellor sitting down in the House of Commons.
http://www.v8register.net/budget/news17 ... review.htm
Victor Smith
 
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Re: What did we see in the Budget for motorists?

Postby Victor Smith » 22 Nov 2017 14:24

The Chancellor sat down after delivering his Budget statement at around 1340. The headlines for classic car enthusiasts were:

Fuel Duty - the fuel duty rise expected in 2018 has been cancelled.That means no rise in fuel duty for the 8th successive year. The average motorist will have saved £850 from the fuel duty increase freeze since 2010.

Vehicle Excise Duty rates and bands - no change to the VED rates other than the RPI increases announced in the Budget in 2016. VED rates have increased in line with inflation since 2010. First year VED rates for new dirty diesel cars will be increased from April 2018.

VED rates for cars registered before April 2017
VED rates will increase in line with RPI from 1st April 2018 for cars, vans and motorcycles registered before April 2017 and the First-Year Rates for cars registered after April 2017

Vehicle Excise Duty classic vehicle exemption - no change to the rolling 40 year VED exemption announced at the Budget 2014.

You can see the report posted at 1402 and an extract from the supporting HM Treasury document at:
http://www.v8register.net/budget/news17 ... eport1.htm
http://www.v8register.net/budget/files/ ... -taxes.pdf
Victor Smith
 
Posts: 495
Joined: 06 Dec 2012 15:46
Location: London SW


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