car news headlines
Britons planning to take out a Car Credit agreement may want to increase the amount by a little extra as new car registration fees are set to increase this year.
Costs will increase by ten per cent from April 1st 2008 from £50 to £55, generating an extra £11 million for the Treasury.
In addition, the total amount of revenue set to be created by the tax will be an estimated £128 million, as 234 million new vehicles are expected to be registered in the coming 12 months, the Society of Motor Manufacturers and Traders (SMMT) has said.
SMMT chief executive Paul Everitt commented that he hopes the move is not being implemented to plug holes in the Treasury's finances.
"In the grand scheme an extra £11 million in tax and a fiver for new car buyers might not sound like much. However, we fear that this every-little-helps approach could be the basis for further changes to motoring taxes in March's Budget," he added.
Some vehicles will be exempt from the fee, including those used by disabled people and for purposes of the crown.
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