The Driver and Vehicle Licensing Agency Trading Fund Order 2004

• Citation: S.I. 2004/1037
• Sections: 14

Section 1 Citation and commencement

This Order may be cited as the Driver and Vehicle Licensing Agency Trading Fund Order 2004 and shall come into force on 1st April 2004.

Section 2 Interpretation

In this Order—

“ the Act ” means the Government Trading Funds Act 1973;

“Driver and Vehicle Licensing Agency” means that part of the Department for Transport known as the Driver and Vehicle Licensing Agency;

“the fund” means the trading fund established by this Order;

“registration mark” has the meaning given by section 23(1) of the Vehicle Excise and Registration Act 1994 ;

“vehicle” means a mechanically propelled vehicle; and

“vehicle excise duty” has the meaning given by section 1(1) of the Vehicle Excise and Registration Act 1994.

Section 3 Establishment of the Fund

(1) From 1st April 2004, there shall be established a trading fund to be known as the Driver and Vehicle Licensing Agency Trading Fund.

(2) The operations of the Driver and Vehicle Licensing Agency described in Schedule 1 shall be financed by means of the fund.

Section 4 Source of loans

The Secretary of State for Transport is designated as the source of issues to the fund by way of loan.

Section 5 Assets, liabilities, reserves and public dividend capital

(1) The Crown assets and liabilities set out in Schedule 2 shall be appropriated as assets and liabilities of the fund.

(2) The sum of £4,775,000, being part of the amount by which the values of those assets exceeds the amount of those liabilities, shall be treated as a revaluation reserve in the accounts of the fund, and the reserve so created shall be maintained as a revaluation reserve.

(3) The sum of £20,748,000, being part of the amount by which the values of those assets exceeds the amount of those liabilities, shall be treated as government grant reserve in the accounts of the fund, and the reserve so treated shall be maintained as a government grant reserve.

(4) The sum of £18,002,000, being part of the amount by which the value of those assets exceeds the amount of those liabilities shall be treated as public dividend capital.

Section 6 Maximum borrowing etc.

The aggregate of the following shall not exceed £50,000,000—

(a) the total outstanding at any given time in respect of amounts issued to the fund under section 2B of the Act (other than as originating debt); and

(b) the total at that time constituting public dividend capital issued to the fund under section 2A(2A) of the Act.

Section 1

The provision of registration services, namely—

(a) the issue of driving licences;

(b) the issue of vehicle registration documents;

(c) the allocation, transfer and assignment of vehicle registrations;

(d) the maintenance of—

(i) drivers' registers;

(ii) vehicle registers;

(iii) registers of number plate suppliers; and

(iv) other registers maintained in collaboration with, or on behalf of, other parts of the Department for Transport and other Government bodies.

Section 2

The provision of information services from such registers.

Section 3

The collection of vehicle excise duty.

Section 4

The enforcement of laws relating to, or connected with, the licensing and registration of drivers, vehicles and vehicle operators.

Section 5

The sale of registration marks.

Section 6

Undertaking administrative support for other parts of the Department for Transport and other Government bodies.

Section 7

Contributing to any government policy, including the development of partnerships with other public and private bodies.

Section 8

The carrying out of operations incidental, conducive or otherwise ancillary to the conduct of the operations described above.