Increase Luxury Car supplement threshold to £53k, in line with inflation

Summary

Adjust Luxury Car VED threshold in line with inflation. We think this should be done at each budget. We think leaving this frozen at £40k has been another increased and unfair cost to the General Public. We believe it should be applied to all used cars under 5yrs old in a fair backdated scheme. We do not think £40,000 is a ‘Luxury Car’. £40,000 buys a very basic family car due to car price increases, and VED is already viewed by many as an unfair cost to the General Public. We think it is unfair to raise VED rates, but leave this frozen. Inflation rates since April 2017 means we think this should now be £53,000. A backdated/sliding scale should be applied to used cars under 5yrs old to allow for this adjustment.

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