Bringing in the Electric Vehicle Excise Duty (eVED) in 2028 could cost the UK economy up to £4.8 billion under worst-case scenarios, according to UK trade association BEAMA. This cost would exceed the total revenue the new tax policy is forecast to raise by 2031 (around £4.3 billion). The forecast is based on BEAMA research which shows that if EV sales collapse at a similar rate to when New Zealand introduced a pay-per-kilometre tax (>50% decline), and sales aren’t replaced by petrol or diesel cars, the Treasury could lose…
Read MoreNew EV pay-per-mile tax could cost UK economy up to £4.8bn if introduced in 2028, research from BEAMA warns
