Stock image of a petrol pump
Owners of petrol and diesel cars might soon face a rise in Vehicle Excise Duty (VED) charges. Some drivers could be paying hundreds of pounds more as VED fees inflate alongside the Retail Price Index (RPI) from April 1, 2024.
While HM Revenue and Customs (HMRC) affirm that the rates “will remain unchanged in real terms”, they also confirm that car owners will feel the scheme’s “impact”. Cars producing higher levels of pollution will see the biggest hike in VED costs, with petrol, diesel and hybrid owners all set to cough up more under the new spring rates. Well, at least electric vehicle owners still will not be paying any VED fees, reports the Daily Star.
But plans are afoot to alter this benefit after April 2025, with VED bills hanging on the age of your motor and how much it affects the environment. Drivers of cars registered after April 1, 2017, are looking at an increase of £10 as standard rates go from £180 up to £190. A surcharge waits for those who purchased cars worth over £40,000 in the prior five years, known as the Expensive Car Supplement.
Starting from April, this charge is going up to £410 from the current £390, a rise that will most affect those who’ve bought brand new cars within the past year. First-year tax rates for cars emitting more than 255 g/km will see a £140 increase, with bills rising to £2,745. But what about older vehicles?
Cars first registered on or after March 1, 2001, are put into bands based on their emissions. Motorists in the highest Band M category are set to pay £40 more, with charges rising from £695 to £735 per year. Band L costs will rise by £35, while Band K and J rates will jump by £20. Prices will also go up for lower polluting vehicles, but by less across the other categories.
Vehicles with engines above 1549cc and registered before March 1, 2001, could pay £20 extra, while those below 1549cc will be charged just £10 more.
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