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Toll bridge could go for £1.25m Toll bridge bought for over £1m
(about 12 hours later)
A toll bridge used by nearly four million vehicles a year could fetch up to £1.25m when it goes under the hammer later. A toll bridge in Oxfordshire used by nearly four million vehicles a year, has fetched £1.08m at auction.
The Swinford toll bridge was built across the River Thames at Eynsham in 1767 and is governed by its own Act of Parliament.The Swinford toll bridge was built across the River Thames at Eynsham in 1767 and is governed by its own Act of Parliament.
Car drivers using it to get into Oxford city centre pay 5p. The buyer also gets a stone cottage. Car drivers using the bridge to get to Oxford pay 5p and lorry drivers 50p.
But some locals want the charge scrapped saying it adds to rush hour delays and congestion. But some people living in the area want the charge scrapped saying it adds to rush hour delays and congestion.
The bridge, in David Cameron's Oxfordshire constituency, enjoys tax-free status following a 1767 Act of Parliament. The bridge, in David Cameron's constituency, enjoys tax-free status following an 1767 Act of Parliament.
This granted private ownership of the bridge and its tolls to the Earl of Abingdon and "to his heirs and assignees for ever".This granted private ownership of the bridge and its tolls to the Earl of Abingdon and "to his heirs and assignees for ever".
The buyer will be exempt from paying income tax, capital gains tax, inheritance tax or VAT on the bridge because of the Act.The buyer will be exempt from paying income tax, capital gains tax, inheritance tax or VAT on the bridge because of the Act.
Lorries using the bridge pay 50p with the estimated gross annual income for the next owner of around £195,000. The estimated gross annual income for the new owner is about £195,000.
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Toll bridge bought for over £1m