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The Black Hole

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By *usie p OP   TV/TS
10 weeks ago

taunton

I would be very interested to know how much tax revenue has been lost by the switch to driving electric vehicles, I think the VAT rate is only 5% on electricity let alone all the other duty they place on petrol and diesel

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By *iman2100Man
10 weeks ago

Glasgow


"I would be very interested to know how much tax revenue has been lost by the switch to driving electric vehicles, I think the VAT rate is only 5% on electricity let alone all the other duty they place on petrol and diesel"

Good question especially as there are viable internal combustion engines coming onto the market that do not polute or use carbon based fuel.

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By *irldnCouple
10 weeks ago

Brighton

Don’t know if this is true but read somewhere that the Sunak/Hunt NIC reduction costed HM Treasury c.£20bn a year.

ie it was an uncosted giveaway that accounts for the majority of the black hole.

You could make a leap and say that they set a tax trap for Labour who needed to promise not to raise headline taxes like NIC to make themselves electable as now they are scrabbling around to fill the hole.

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By *ovebjsMan
10 weeks ago

Bristol


"Don’t know if this is true but read somewhere that the Sunak/Hunt NIC reduction costed HM Treasury c.£20bn a year.

ie it was an uncosted giveaway that accounts for the majority of the black hole.

You could make a leap and say that they set a tax trap for Labour who needed to promise not to raise headline taxes like NIC to make themselves electable as now they are scrabbling around to fill the hole."

Fill it by sending billions to other countries?

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By *irldnCouple
10 weeks ago

Brighton

Bit more, this from March…

“After placing a 2p national insurance cut at the centre of Wednesday’s budget – funded through higher government borrowing, stealth tax rises and a squeeze on public spending to come after polling day – his chancellor, Jeremy Hunt, said the Tories’ ambition was to scrap the tax on workers entirely.”

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By *0shadesOfFilthMan
10 weeks ago

nearby

£9bn a month servicing the exponential national debt, £60bn a year on obesity, treating smoking diseases, drug and alcohol abuse, £15bn on covid corruption, £8bn a year on migrants, £70bn over budget on hs2 etc

That reported black hole figure is small beer

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By *irldnCouple
10 weeks ago

Brighton


"Don’t know if this is true but read somewhere that the Sunak/Hunt NIC reduction costed HM Treasury c.£20bn a year.

ie it was an uncosted giveaway that accounts for the majority of the black hole.

You could make a leap and say that they set a tax trap for Labour who needed to promise not to raise headline taxes like NIC to make themselves electable as now they are scrabbling around to fill the hole.

Fill it by sending billions to other countries?"

It depends! Are we investing in other countries to give the UK a long term benefit (ie either access to markets or for security/defence reasons)?

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By *irldnCouple
10 weeks ago

Brighton


"£9bn a month servicing the exponential national debt, £60bn a year on obesity, treating smoking diseases, drug and alcohol abuse, £15bn on covid corruption, £8bn a year on migrants, £70bn over budget on hs2 etc

That reported black hole figure is small beer "

But Govt need to balance the books or otherwise resort to more borrowing or tax rises.

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By *anifestoMan
10 weeks ago

Ferns

Does the difference in tax receipts goes towards sponsoring carbon offset measure and carbon credits in some kind of off-balance sheet wizardry?

Some boffin in the treasury

"So we lose a bit of vat, but heyho, these EV reduce the carbon footprint so let's move the loss in vat/ fuel taxes over to this column and show it as a gain for.the green agenda

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By *melie LALWoman
10 weeks ago

Peterborough


"Does the difference in tax receipts goes towards sponsoring carbon offset measure and carbon credits in some kind of off-balance sheet wizardry?

Some boffin in the treasury

"So we lose a bit of vat, but heyho, these EV reduce the carbon footprint so let's move the loss in vat/ fuel taxes over to this column and show it as a gain for.the green agenda

"

What they lose in petrol, perhaps they gain in cost of vehicle? My hybrid was about 10 grand higher than a petrol version. It's doubtful I'll ever recoup that extra cost via the savings at the pump due to extra mpg

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By *yth11Couple
10 weeks ago

newark


"Does the difference in tax receipts goes towards sponsoring carbon offset measure and carbon credits in some kind of off-balance sheet wizardry?

Some boffin in the treasury

"So we lose a bit of vat, but heyho, these EV reduce the carbon footprint so let's move the loss in vat/ fuel taxes over to this column and show it as a gain for.the green agenda

What they lose in petrol, perhaps they gain in cost of vehicle? My hybrid was about 10 grand higher than a petrol version. It's doubtful I'll ever recoup that extra cost via the savings at the pump due to extra mpg"
A number of people have access to free electric with solar panels so are paying very little Tax it’s not just vat that is lost it’s also fuel duty plus electric cars require less workers in terms of production or supply chains to keep them running.

In simple terms they are very likely to taxed more but it’s a case of how quickly.

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By *roadShoulderzMan
10 weeks ago

Petersfield

EVs are going to be subject higher Vehicle Excise Duty from 1st April 2025 bringing them inline with the second lowest band of VED, a year later which is £165 currently.

Perhaps vehicle weight should be added as a taxable element if the cost of repairing potholes really is £15bn.

I suspect taxes are going to increase for motorists following the October budget.

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