Finance Act 2009
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Amendment of section 135B (repayment of amounts in respect of vehicle registration tax in certain cases) of Finance Act 1992 . |
19.— Section 135B of the Finance Act 1992 is amended in subsection (6)(b) by substituting the following for subparagraph (ii): | |
“(ii) Where the first registered owner has disposed of the vehicle prior to the date of the making of the repayment claim the amount of the repayment shall be limited to an amount calculated as follows: | ||
V × (OP — S) | ||
OP | ||
where— | ||
V is the amount of vehicle registration tax overpaid, | ||
S is the price, if any, received by the first registered owner at the time of disposal but where S is greater than OP, OP shall be taken as the price received, and | ||
OP is the price, including all taxes, declared to the Commissioners at the time of first registration of the vehicle.”. |