Return of rolling tax exemption
There was some welcome news from last week’s budget that the rolling tax emption for older vehicles is to return.
This means from April 1st 2014, all vehicles built before January 1st 1974 will become exempt from Vehicle Excise Duty and this will roll on each year,
meaning vehicles built before January 1st 1975 will become exempt from April 1st 2015.
Cars such as the MkII Ford Escort, Jaguar XJS, the first BMW 3-Series and the Citroen CX will now be tax exempt because of the change in legislation.
Around 10,000 vehicles a year will become newly tax exempt, saving classic car owners an estimated figure of £15 million between now and 2018.
This change will benefit the classic car community and help owners a little with running costs.
Next time, we hope to see a slash in fuel duty, which equates for 60% of what we pay at the pumps. Fingers crossed !