Vehicle Excise Duty – or as most of us know it, car tax – has been forecast to rake in an extra £2.4billion-a-year for the Treasury by 2028-29, with the raid of electric vehicles (EVs) helping to drive the increase in revenue.
In the Office for Budget Responsibility’s (OBR) economic and fiscal outlook report published following the Autumn Statement, VED tax receipts are forecast to jump from £8billion in the current financial year to £10.4billion in five years’ time.
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