Although Brexit has slowed the implementation of positive historic automobile tax adjustments, there remains ‘some hope.’
According to specialists at the Federation of Historic Vehicle Clubs, if it hadn’t been for Brexit and the pandemic, the tax exemption regulations for classic cars might have been amended (FBHVC).
Last month, the government rejected requests to lower the historic tax exemption age from 40 to 30 years. It arose when Stephen Hearse-Morgan, a teenage motoring enthusiast, established an online petition demanding for the reform, which has garnered over 14,000 signatures.
Despite the fact that the request was denied by the government, FBHVC Communication Director Wayne Scott stated that the comments have given enthusiasts “some optimism.”
“Had it not been for Brexit and the epidemic, the outcome would well have been different,” he told Classic Car Weekly.
“It’s good that they’ve left us with a ray of hope and that we can keep our rolling tax exemption for historic cars.”
After the petition reached 10,000 signatures, the government was obligated to respond.
They rejected the petition’s request to lower the historic tax exemption, stating that present safeguards help distinguish between classic and vintage cars.
The Treasury simply stated that there are “no current intentions” for the modification, implying that the proposal has not been totally abandoned.
Meanwhile, the government has stated that VED and tax costs will be “reviewed.”
“At Budget 2014, the Government declared that it will implement a rolling 40-year VED exemption, which means that vehicles built before January 1, 1981 are currently exempt from paying VED,” IT explained.
“The government decided on a cut-off period of 40 years to separate vintage cars from ancient ones.
“At this time, there are no intentions to lower the tax exemption age for historic cars from 40 to 30 years.
“However, like with other taxes, VED is reviewed on a regular basis.”
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For the matter to be debated in Parliament, Mr Hearse-Morgan needs 100,000 signatures on his petition.
However, he only has until the 13th of October to do so before the petition expires.
Mr. Hearse-Morgan stated that all he wanted was for the issue to become “well known” among individuals who are new to old cars.
He earlier stated that a prolonged classic car tax exemption will make antique vehicles more affordable to younger people.