27th October - Budget.So am I right in thinking first year tax on the v6 is £1910 then £490 for the next 5 years.Well guess it is what it is hopefully won’t change during that time like previous tax groups
Disagree.27th October - Budget.
Government is balancing getting you out of ICE cars whilst EVs become more affordable. Those that won't give up the ICE way in 10 years will have to pay a very high tax indeed. But yes, your numbers are right I think, from the last time I checked, if they move, they wont move by much, yet. All numbers subject to change.
A whole lot worse! Australian LCT is so so bad. 33%At least we're not in one of the continental European countries where the tax on the V6 is eye-watering. And the Canadians and Australians can chip in here about their Luxury Car Tax. I'm in the "it could be worse" camp (and hoping the budget doesn't hammer it)
This is exactly right. But despite the impact on the less affluent, governments will not care. They have no concern for the unintended consequences of short sighted decisions. They make them all the time, and they generally hurt poor people by increasing their dependency on government. It makes me sad.Disagree.
A tax on ICE cars will eventually become a tax on those on low incomes who can't afford a shiny new electric car. Would be very unpopular politically.
With the continued growth in electric car usage, they will be far more interested in how they can extract revenue from electric car drivers.
This is a perfect example of not thinking things through when devising systems that are “fair”. For example, how do these people think goods and services get to consumers? They are transported by truck or car to the end user. These costs will be passed on to the end user in an amount proportional to use. Essentially it’s just another tax to raise the costs of everything for everyone. These structures disproportionately impact those with fewer resources because they are a greater percentage of their resources. Just like sales taxes are regressive so too are proportionate use/value type taxes of all types. And once established governments become addicted to them and cost rise to exacerbate their negative impact. Just look at sales taxes in the US. They have continually risen as a percentage of price since they were enacted. Why? Shouldn’t the revenue they raise go up as items become more expensive through inflation, thereby covering the increased costs for which those resources are deployed? Truth is, every tax is a wedge to pry open your wallet more and more with each passing year until economic growth actually declines. Government can’t tax us into prosperity because they don’t create anything. Only people do. There needs to be a floor below which miles travelled are free so we incentivize commerce and facilitate economic growth.Government risks losing out on tens of billions of pounds in tax revenue if it does not consider plans to replace fuel duty with road pricing...www.autoexpress.co.uk
Road pricing may be coming after all