Classic automobile owners will not be eligible for a tax break because there are “no plans” to diminish the historic exemption.


Classic automobile owners will not be eligible for a tax break because there are “no plans” to diminish the historic exemption.

The government said it had “no plans” to adjust prices, shattering the aspirations of classic automobile owners who hoped for a tax decrease.

The petition, which requested for the traditional tax exemption age of 40 years to be decreased to 30 years, gained some support. The poll, which was started by Stephen Hearse-Morgan, a 22-year-old classic automobile enthusiast, gathered almost 13,500 signatures, urging the government to respond.

The government, on the other hand, has declined to support the petition, stating that there are “no current intentions” to amend the exemption criteria.

They claimed that by doing so, they would be able to discern between classic cars and versions that were simply considered old.

“The Government considers classic vehicles to be a significant component of the country’s historical and cultural heritage,” they declared in response to the survey.

“The historic automobile sector employed roughly 34,000 individuals in the UK, according to research published by the Federation of British Historic Vehicle Clubs in their publication The 2020 National Historic Vehicle Survey.

“In recognition of the essential role played by historic vehicles, the government stated in Budget 2013 that the cut-off date for classic automobiles to be exempt from paying Vehicle Excise Duty (VED) will be extended to 1 January 2014.

“The government subsequently declared in Budget 2014 that it would implement a rolling 40-year VED exemption, which means that automobiles built before January 1, 1981 are currently exempt from paying VED.

“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 vintage cars from 40 to 30 years, but, like other taxes, VED is being reviewed.”

Reduced tax exemptions, according to Mr Hearse-Morgan, will allow those interested in preserving cars from the 1980s to keep some money for maintenance.

He indicated that the tax changes will help to keep more historic cars on the road.

Tom Wood, a spokeswoman for Car and Classics, welcomed the proposed suggestions in an interview with This Website last month.

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Many classic vehicle owners, he asserted, were hoping to drive their cars “for the weekend” and hence “should be paying less.”

“I think it’s a terrific concept,” he added. “The road tax license fund should be correspondent.” Brinkwire Summary News.”


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