Explanatory note
(This note is not part of the Regulations)
These Regulations provide a new scheme for the sale of registration marks. This new scheme will replace the existing scheme and will apply in respect of applications made on or after 1 May 1993.
Under the new scheme, in addition to the purchase price of a relevant right, a sum will be payable at the time when the agreement to purchase the relevant right is made and not, as under the present scheme, at the time when the registration mark is assigned to the vehicle. That sum will be—
where the mark has previously been assigned to another vehicle, a sum equal to the amount of the charge which could have been made under section 12(1) of the Finance Act 1976 for an assignment of the mark, and
where the mark has not previously been assigned to another vehicle, a sum equal to the amount of the charge which could have been made under that subsection for the assignment of the mark if the mark had previously been assigned to another vehicle.
Provision is made for a refund of the sum if a relevant right is revoked, or if the time in which the right could have been exercised has expired.
Under the new scheme the period in which a relevant right may be exercised (one year starting with the date on which the certificate of entitlement of the right is issued) may be extended on one or more occasions. Each extension will be for one year starting with the date on which the relevant right would, but for the extension, have ceased to be exercisable. A fee of £25 is prescribed in respect of an application for an extension, and may be retained whether or not the application is granted.