Looking at this, I will now be terminating my lease before July as a matter of principle of VAT being charged on early termination fees.
Exchequer impact (£ million)
2025 to 2026 Nil
2026 to 2027 +90
2027 to 2028 +165
2028 to 2029 +225
2029 to 2030 +280
2030 to 2031 +305
Well done Rachael!
lease a vehicle which is designed or substantially and permanently adapted for wheelchair and stretcher users, which will remain zero rated for VAT and exempt from IPT