The government is making a mistake by refusing to amend the classic car tax, according to experts. The host of Top Gear
A former Top Gear host has championed classic car tax proposals that may eliminate costs for cars originally registered in the 1980s.
Former vocalist Quentin Wilson has advocated for lowering the vintage vehicle age exemption from 40 to 30 years. He warned that the government was “making a mistake” by rejecting the idea, citing the scheme’s significant benefits.
He said that the fees lost as a result of the new exemption will be offset by “increased by economic activity” as historics became a part of the automobile sector.
“The Treasury is making a mistake,” he remarked in an interview with Classic Car Weekly.
“The boost in economic activity around these newly created ‘historic’ cars would more than outweigh the loss in VED by shifting the exemption forward by 10 years.”
More antique automobiles on the road, according to Me Wilson, will “generate more jobs and opportunities” for those working in the automotive industry.
He also cautioned that keeping older vehicles was “less carbon-intensive” than replacing them with newer models.
Finally, he stated that lowering the tax exemption age will encourage young people to become involved with historic cars.
This would allow young people to drive classic cars while also providing “lower insurance premiums,” potentially “protecting” historic vehicles for years to come.
After a young fan, Stephen-Hearse-Morgan, created an internet petition, the issue of changing the historic tax exemption laws was brought to light.
The petition has collected over 13,600 signatures so far, and the government responded late last month.
The Treasury, on the other hand, denied the petition, stating that they had “no plans” to lower the tax exemption age.
They stated the age limit will be “reviewed,” but it would serve as a way to “identify” antique cars from actual treasures.
“The government then stated in Budget 2014 that it would implement a rolling 40-year VED exemption,” they claimed.
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“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 historic cars from 40 to 30 years.
“However, as with everything.”Brinkwire Summary News”.