Finance Act 1993

19 Trade licences

(1) The Vehicles (Excise) Act 1971 shall be amended as follows.

(2) In subsection (5) of section 16 (rates of duty for trade licences) including that subsection as set out in paragraph 12 of Part I of Schedule 7—

(a) for “£100” there shall be substituted “the rate mentioned in subsection (5A)(a) below”, and

(b) for “£20” there shall be substituted “the rate mentioned in subsection (5A)(b) below”.

(3) In that section the following subsection shall be inserted after subsection (5)—

“(5A) The rates referred to in subsection (5) above are—

(a) the annual rate applicable to a vehicle falling within paragraph 2 of Part II of Schedule 5 to this Act in relation to a licence taken out when the trade licence is taken out;

(b) the annual rate applicable to a vehicle falling within paragraph 3 of Part II of Schedule 1 to this Act in relation to a licence taken out when the trade licence is taken out.”

(4) This section shall apply in relation to licences taken out after 16th March 1993.