Finance Act 1972

11 (1) For the purposes of the tax the wholesale value of any vehicle shall be taken, subject to paragraph 13(2) of this Schedule, to be the price which, in the opinion of the Commissioners, the vehicle would fetch on a sale made at the time the tax becomes due by a person selling by wholesale in the open market in the United Kingdom to a retail trader carrying on business in the United Kingdom only, on the assumption that—

(a) the price was the sole consideration for the sale; and

(b) the vehicle was to be delivered to the retail trader at the seller's place of business; and

(c) neither the tax nor value added tax was payable.

(2) In this paragraph " retail trader " means a person who sells by retail and does not sell to a person who carries on a business of selling vehicles.