CLASSIC RELIEF

Rolling classic car VED exemption escapes Labour’s first Budget

Fears that rolling Vehicle Exercise Duty (VED) exemption for historic vehicles could be halted as part of the Labour government’s first Budget have fortunately not transpired. Before Chancellor Rachel Reeves outlined her Budget on October 30, speculation had been growing online that the government’s desire to fill what it called a £22billion ‘black hole’ in finances would affect the rolling 40-year exemption. Much to the collective relief of enthusiasts, historic vehicles were not mentioned when it came to VED changes. Older cars don’t fully escape, though. Changes will be made to standard VED rates for cars, vans and motorcycles from April 1, 2025, in line with the Retail Price Index (RPI). That means that many owners of cars under 40 years old will be facing a VED hike, though this…

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Classic Ford (Digital) - 1 Issue, February 2025

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