Currently, vehicles built before January 1, 1974, are tax-exempt.
The new changes will make VED exemption apply to vehicles built before January 1, 1975. Depending on who wins the upcoming election, this date will roll forward to January 1, 1976 in 2016, and so on.
The cut-off date will roll forward on April 1 each year.
Be aware: 'tax exempt' vehicles still need to have valid exemption in place with the DVLA.
More information can be found by viewing the government document here, or by calling the DVLA on 0300 7906802.