Monday, 24 March 2014

2014 BUDGET GOOD NEWS FOR SOME

Good news for some classic owners in last weeks Budget — the classic car rolling road tax exemption is to be reinstated. From April 2015, the classic car exemption from Vehicle Excise Duty will begin rolling from 40 years, with cars being built before January 1975 eligible for a zero-rated tax disc.
The measure, which was announced by the Chancellor Of The Exchequer, and is in addition to the announcement last year that all vehicles manufactured before 1st January 1974 would qualify for zero duty.

So from April 1, 2015, cars manufactured 40 years ago will be added to the exemption. The exemption cut-off date in Schedule 2 of the Act will be changed to January 1, 1974 to apply from April 1, 2014 as announced in the 2013 Budget, and to January 1, 1975 to apply from April 1, 2015 as announced in the 2014 Budget.
The previous 25-year cut off date for road tax exemption for vehicles was stopped in 1997 by the then Labour Government,

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