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Are you owed a automobile tax rebate?
Motoring consultants are warning UK drivers to take the mandatory steps after promoting their automobiles, after it was revealed tens of millions of Brits might be lacking out on cash owed from the federal government in overpaid automobile tax.
After folks promote their automobiles, they don’t seem to be claiming again automobile tax, in response to LeaseCar and LeaseElectricCar. Automobile tax funds vary from £0 for totally electrical automobiles to a staggering £2,605 a yr, relying on the automobile mannequin.
Now, greater than ever, claiming again cash you’re rightfully owed is essential as the price of dwelling continues to chunk.
After all, the quantity that may be claimed again is dependent upon what automobile they’ve offered – together with the age, make, mannequin, and the way way back. After informing the DVLA that the automobile has been offered, drivers want to use for a tax rebate as quickly as they’ll to get the utmost cashback potential. Solely full months’ value of tax might be claimed – so time is of the essence.
In 2022, nearly seven million automobiles modified fingers within the UK. The Ford Fiesta topped the chart for the most-sold used mannequin of automobile. With automotive commerce and creation restricted as a result of pandemic and related world lockdowns, the used-car market has soared lately.
Because of elevated demand for second-hand automobiles, nonetheless, the value of used automobiles has elevated. The scarcity of recent automobiles over the Covid-19 years meant folks had been seeking to purchase from others. In reality, in July 2022, the typical sale value of a used automobile within the UK was up nearly 20% on the earlier yr – sitting at a cool £17,173.
Tim Alcock from LeaseCar says:
“Any driver who has just lately offered their automobile after paying highway tax shall be eligible for a refund from the federal government. Should you’ve paid your highway tax for an entire yr but promote the automobile after a few months – you may be eligible to obtain many of the tax again into your checking account.
“It’s essential to notice that the DVLA tax refund solely applies for full months, so it’s finest to use on your refund immediately to keep away from lacking out on any money. After promoting your automobile, drivers ought to inform the DVLA as quickly as potential to make sure they get as a lot a reimbursement as potential.
“Earlier than promoting a automobile, the logbook (V5C) must also be up to date to replicate any change of title, deal with or modifications made to the automobile. Any particulars that are incorrect might stop motorists from getting a tax rebate.
“Additionally, guarantee to inform the DVLA that you just’ve offered your automobile, and supply the complete title and deal with of the client. Failing to take action may additionally cease you getting any a reimbursement.”