In light of the recent Autumn 2024 Budget, Car & Classic announces that classic cars are exempt from the increase in Capital Gains Tax (CGT), a change that could make them an attractive, tax-efficient investment. With CGT rising from 10% to 18% for the lower rate and from 18% to 24% for the higher rate, this exemption offers an advantage for those … [Read more...]
Insurance Features
Drivers unaware of data spying
Modern cars come with a feature most drivers and owners are unaware of, a data spy. Many modern cars can collect and transmit data about the driver to external parties using integrated internet connection and technology - but are car owners aware that they can? Uswitch car insurance wanted to understand how knowledgeable car owners are about their … [Read more...]
Dealerships in chaos after commission ruling
Car and van buyers have been blocked from collecting new models this week for 1 November as UK finance firms hold back monies due to dealers. It follows a Court of Appeal decision last week which outlawed undisclosed commission payments. Dealers were unable to allow collections or deliver cars as finance companies paused paying out on business already … [Read more...]
Premium prices slipping back, say Compare the Market
The cost of car insurance has fallen by £72 (-8%) year-on-year, according to new Premium Drivers research from Compare the Market. The average premium declined to £776 in September 2024, compared to £848 in September 2023. August 2024 and September 2024 were the first months where car insurance premiums have been cheaper than the same period in the previous … [Read more...]
Escalating costs of essential cars
New research by LeaseCar UK revealed drivers could have to pay up to £30,000 in their first year of owning a vehicle. It’s no secret that owning and running a car is one of the biggest outgoings, but one deemed as necessary by 69% of the UK. More than 11 million Brits have less than £1,000 in savings - making buying a car outright impossible for many … [Read more...]
Remove tax barriers to safety and save lives, says IAM RoadSmart
The UK’s leading road safety charity, IAM RoadSmart, is calling on the Chancellor to take steps to both saves lives and reduce the impact of road traffic collisions in her Autumn Budget. By incentivising the take-up of additional road safety courses through the tax system, it will also help save motorists money as the UK emerges from a cost-of-living … [Read more...]
Middle aged are most penalised drivers
Millennial drivers born between 1981 and 1996 have been named the most penalised generation, surpassing both Gen X and Gen Z on a per capita basis, according to a new report by used car specialists, Available Car. The report, based on multiple Freedom of Information (FOI) requests to the DVLA and an analysis of full licence holders across the UK by postal … [Read more...]
Insurance task force to probe car premiums
The FCA has announced it’s looking into premium finance – the unjust ‘tax on being poor’ for those who can’t pay for their insurance upfront each year and are charged excessive monthly rates of interest as a result. "This is a positive step, but it must lead to real action and consequences for insurers who are ripping us off," said a Which? spokesman after … [Read more...]
Mature driver assessments endorsed by majority
Proposals for new voluntary driving tests for over-60s would be welcomed by four out of five (80%) motorists, according to new research. October’s Startline Used Car Tracker shows strong support for the introduction of standardised mature driver assessments, which are being backed by a variety of bodies including the Road Safety Trust and Older Driver Task … [Read more...]
Learners ripped off in test booking ‘black market’
With the average post-pandemic wait for a practical driving test still at around four-and-a-half months across England and Wales, the RAC is today warning learners to avoid websites offering to book or alert them to available test slots and only ever use the official Government site. Since January 2023, the Driver and Vehicle Standards Agency (DVSA), which … [Read more...]
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