Martin Lewis Reveals How to Obtain a Year of Free Car Tax – Act Quickly!
In an exclusive revelation, finance guru, Martin Lewis, has shared a clever loophole that can grant electric vehicle (EV) owners a whole year of free road tax. The catch? Time is of the essence, and individuals must act swiftly to take advantage of this opportunity. During a recent episode of the Martin Lewis Money Show Live on ITV1 and ITVX, Lewis emphasised the urgency of the situation as changes in the car tax system are scheduled for April 1. These impending modifications will result in some EV drivers being subjected to charges for the first time.
Lewis underlined the significance of re-taxing EVs before the end of March under the current system to potentially save up to £195 on vehicle excise duty. Even if your car tax isn’t due immediately, renewing it by March 31 could lead to substantial savings. The government plans to phase out the £0 band for VED starting April 1. Consequently, Lewis encouraged viewers who own electric vehicles to seize this opportunity, stating, “Do you have an electric vehicle? If so, there’s a trick to get a year tax-free.” He elaborated on how re-taxing a vehicle before April could prolong the tax-free period for EV owners.
The key point Lewis stressed was that individuals can re-tax their vehicle at any time, even if they had done so recently. By renewing the tax now through the government’s website, it’s currently free of charge. This loophole allows for multiple re-taxations, providing an extra year of tax exemption. The advice from Lewis is clear: re-tax your vehicle as close to the deadline as possible to benefit from an additional year of free road tax.
Effective April 1, electric vehicles first registered between April 2017 and March 31, 2025, will face a £195 charge. Meanwhile, EVs and low-emission cars registered between March 1, 2001, and March 31, 2017, will be subject to a £20 annual fee. Furthermore, there will be an additional ‘supplement’ tax for zero-emission and EV cars commencing April 1, 2025. The government stipulates that “New electric and zero emission vehicles registered on or after 1 April 2025 with a list price exceeding £40,000 will attract the standard rate, plus the expensive car supplement for the first five years from the start of the second licence.”
This groundbreaking disclosure by Martin Lewis has the potential to save EV owners a significant sum of money on their car tax. With the impending changes to the car tax system set to impact EV drivers from April 1, acting promptly to re-tax your vehicle could result in substantial savings. Stay informed and take advantage of this loophole before time runs out.