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Finance Act 2014

Background Note

8.The Government considers classic vehicles to be an important part of the nation’s historical heritage. The VED exemption is, therefore, designed to support classic vehicle industry within the UK.

9.Budget 2013 announced a measure to extend the scope of the VED exemption to classic vehicles by one additional year. From the 1 April 2014, vehicles constructed in 1973 will be added to the exemption for this category.

10.Budget 2014 announced the Government’s intention to legislate in each year’s Finance Bill to extend the old vehicle exemption by a further year so that vehicles which were constructed 40 years previously will be exempt from paying VED.

11.Budget 2014 announced that the extension to the exemption for vehicles constructed before 1 January 1975 would be included in Finance Act 2014. From the 1 April 2015, vehicles constructed in 1974 will be added to the scope of the exemption.

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