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Are there exemptions for classic cars from the ULEZ in London?

What exemptions are available to enthusiasts using 25+-year-old cars as daily drivers as ULEZ expands in London and with other cities contemplating introducing similar restrictions? Would an engine upgrade giving Euro 5 compliance on emissions work?

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At present, proposed exemptions fall in line with the MoT and free road tax cut-off date of 40 years or more. Any car with a pre-Euro 4 powertrain (approximately 2003 for petrol cars and 2008 for diesel) will be faced with the ULEZ charge. There are currently no plans to change this. The charge is based on the vehicle's specific launch data, so an engine change will sadly make no difference.
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