Mark Roper, managing director of classic car insurer Hagerty UK is pushing for the Government to maintain the current system, explaining historic vehicle owners were being “targeted” unfairly.
Mr Roper said: “Classic car owners are often targeted, as they are seen as being polluting. The reality is the opposite, as most classic cars are used sparingly, for fun and enjoyment and nowadays all run on modern, clean fuels. To consider taking away the 40-year tax exemption will be another blow to an industry which provides almost £3billion in UK taxes, and it’s time we looked more favourably on classic car owners, and the industry as a whole.
“Hagerty is committed to the preservation of classic car culture, and works closely with groups such as the Historic and Classic Vehicle Alliance (HCVA), an organisation dedicated to supporting the classic car industry, and we have our own Hagerty Drivers Foundation which educates a new generation in the benefits of classic cars.
“I urge the Government to reconsider removal of the exemption and allow owners and enthusiasts to enjoy the wonderful cars we all enjoy seeing on the road.”
The Treasury has not said it would change tax exception rules, with Mr Holden’s comments merely a prediction of what drivers could face at the Budget.
However, Treasury chiefs have still failed to rule out the move before Rachel Reeves’ hotly anticipated statement is read out in November.
A Treasury spokesperson told Express.co.uk: “The Chancellor makes tax policy decisions at fiscal events. We do not comment on speculation around future changes to tax policy.”