Finance Act, 1995
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Chapter III Vehicle Registration Tax | ||
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Amendment of section 132 (charge of excise duty) of Finance Act, 1992. |
97.— Section 132 of the Finance Act, 1992 , is hereby amended— | |
(a) by the substitution of “£250” for “£100” in paragraphs (a) and (b) of subsection (3) (inserted by section 8 (b) of the Finance (No. 2) Act, 1992 ), and | ||
(b) by the substitution for subsection (5) (as so inserted) of the following: | ||
“(5) Where a registered vehicle which is converted and on which, in a former state, vehicle registration tax or motor vehicle excise duty imposed by the Order of 1979 has been paid, then the amount of vehicle registration tax payable on the vehicle under subsection (3) shall be reduced by— | ||
(a) in the case of a vehicle in respect of which vehicle registration tax has been so paid, such amount as bears to the amount of the tax paid the same proportion as the open market selling price of the vehicle immediately prior to its conversion bears to the open market selling price of the vehicle at the time of its registration, and | ||
(b) in the case of a vehicle in respect of which motor vehicle excise duty under the Order of 1979 has been so paid, such amount as bears to the amount of the duty paid the same proportion as the open market selling price of the vehicle immediately prior to its conversion bears to the open market selling price of the vehicle, as determined by the Commissioners, at the time of the charging of the duty.”. |