"As of April 1st 2014, vehicles manufactured before 1st January 1974 will be exempt from the VED (Finance Bill 2014, as set out in the 2013 Budget, 20th March 2013)."
I know Wikipedia could be wrong, but it still indicates where you heard it and why it's not updated on the Government web site yet....
It was hinted to be a 25 year old rolling when they introduced it in 1997 but as with all of Labour's political promises it stopped when they came into power!!! :roll:
It's rumoured that they will adopt the rolling exception in 2014 this is the fore runner to that so to fill the gap as it were. The most ridiculess is the exemption of older cars from having an MOT as the believe owners of such vehicles will have done and will do enough to maintain their vehicle :?: