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Are you owed a vehicle tax rebate?
Jul
Reading Time: 2 minutes
Are you owed a vehicle tax rebate?
Motoring experts are warning UK drivers to take the essential steps after selling their cars, after it was revealed thousands and thousands of Brits might be missing out on money owed from the federal government in vehicle tax.
After people sell their cars, they usually are not claiming back vehicle tax, in accordance with LeaseCar and LeaseElectricCar. Vehicle tax payments can range from £0 for fully electric vehicles to a staggering £2,605 annually, depending on the vehicle model.
Last 12 months the preferred selling used automotive was the Ford Fiesta. The 2020 model has vehicle tax costing £155 per 12 months – meaning motorists might be missing out on a whole lot, and even hundreds of kilos owed to them in tax refunds. Now, greater than ever, claiming back money you might be rightfully owed is essential as the associated fee of living continues to bite.
In fact, the quantity that will be claimed back is determined by what automotive they’ve sold – age, make, model, and the way way back. After informing the DVLA that the automotive has been sold, drivers have to apply for a tax rebate as soon as they will to get the utmost of cashback possible. Only full months’ value of tax will be claimed – so time is of the essence.
In 2022, almost seven million vehicles modified hands within the UK. Ford Fiesta topped the chart for essentially the most sold used model of automotive. With automotive trade and creation restricted as a consequence of the pandemic and associated global lockdowns, the used automotive market has soared lately.
Consequently of increased demand for second-hand cars, nevertheless, the worth of used cars has increased. The shortage of latest cars over the Covid-19 years meant people were trying to buy from others. The truth is, in July 2022, the common sale price of a used automotive within the UK was up almost 20% on the previous 12 months – sitting at a cool £17,173.
Tim Alcock from LeaseCar says:
“Any driver who has recently sold their automotive after paying road tax might be eligible for a refund from the federal government. Should you’ve paid your road tax for an entire 12 months yet sell the automotive after a few months – you might be eligible to receive a lot of the tax back into your checking account.
“It’s necessary to notice that the DVLA tax refund only applies for full months, so it’s best to use in your refund right away to avoid missing out on any money. After selling your automotive, drivers should inform the DVLA as soon as possible to make sure they get as much a refund as possible.
“Before selling a vehicle, the logbook (V5C) also needs to be updated to reflect any change of name, address or modifications made to the automotive. Any details that are incorrect may prevent motorists from getting a tax rebate.
“Also, ensure to inform the DVLA that you simply’ve sold your automotive, and supply the total name and address of the customer. Failing to achieve this may additionally stop you getting any a refund.”
