George Osborne, the Chancellor
of the Exchequer for the Conservative-LibDem Coalition government, presented his
annual Budget Statement to the House of Commons on Wednesday 20th March 2013.
As usual we have a prompt report on the measures announced which will be of interest
to the classic motoring enthusiast all within less than 30 minutes of the Chancellor
sitting down in the House of Commons.
Budget
The Budget provided
an update on the Government’s plans for the economy based on the latest forecasts
published alongside the Budget Statement by the Office for Budget Responsibility.
Full details of the announcements are available on the HM Treasury website
following the Chancellor's statement to Parliament but as usual we have a prompt
report on the measures announced which will be of interest for the classic motoring
enthusiast..
Budget Statement 2013
from the HM Treasury website. More
HMRC support material for the
Budget Statement 2013. More
Parliament website on the Budget Statement.
More
Autumn
Statement 2012
Our prompt report of the key points for classic car enthusiasts.
More
Budget statement 2012-
see our report
See our report. More
Eight predictions from citywire money
More
HMRC
website More
Posted:
130320 | How
will classic motoring suffer in the Budget?
Will the Chancellor's Budget
have good news for classic car enthusiasts today?
Fuel duty
Will further fuel duty increases be changed or dropped? In the Autumn Statement
2012 the Chancellor did not postpone the planned 3p a litre increase in fuel duty
due to apply from January 2013 to April 2013, he cancelled it! The announcement
was:
To support motorists and businesses with the high
cost of fuel, the Government will cancel the 3.02 pence per litre fuel duty increase
that was planned for 1st
January 2013. The Government will move the 2013-14
increase planned for April 2013 to 1st September 2013. There will be only one
fuel duty increase in 2013. For the remainder of the Parliament, subsequent increases
will take effect on 1st September each year instead of 1st April. (Para
2.90)
That announcement was what UK MG enthusiasts and motorists generally
wanted to hear in the Autumn Statement - see our recent NEWS items on fuel duty.
More & More
VED rates increase by RPI
Will VED rates be increased? In the
Budget in March 2012 VED for 2012-13 increased by inflation (RPI). So for the
pre-graduated vehicles over 1549cc the VED rate rose rise by £5 from £215
(2011-12) to £220 from 1st April 2012. No further increase was mentioned
in the Autumn Statement?.
Changes
to transport taxes in the Budget statement in March 2012
A couple of clauses in
the Transport taxes section, on page 70 in the Budget "red book" in
March 2012, were interesting but no further announcement was made in the Autumn
Statement 2012. More
VAT - no change
Thankfully there was no increase announced in
March 2012 and no change was announced in the Autumn Statement 2012.
Roads improvement scheme
Substantial investment in new road projects
was announced by switching £1,000m from current expenditure savings to capital
investment in roads infrastructure. The schemes mentioned were: upgrading on the
A1, the A5-M1 link, A30 dual carriageway work and another M25 upgrade.
In the Budget in March 2012 there was speculation over a new scheme to introduce
private sector investment and management skills into road maintenance and/or new
road building schemes. Shadow road tolling or public sector service charge payments
are the likely source of payment from the public sector with possibly real tolls
on new roads built by private sector investors and operators under these proposals.
Awaiting clarification on this. More
& see the roads to be ugraded
Insurance tax
There was no announcement in the Autumn Statement
2012 of any change on insurance tax. In the Budget in March 2012 the standard
rate of 6% (Jan 2011 - April 2012) remained at 6% for 2012-13 - see page B18 of
the HMRC document. Tax
rates & allowances Annex B |