Vehicle duty to be reviewed

Tuesday 3rd February 2004, 12:00AM GMT.

FINANCE and Economics today launched a review of Vehicle Registration Duty – the tax which has been blamed for stalling the car market to its worst position in years.

The tax was partly blamed for the collapse of the Five Oaks group and was raised as a major source of discontent during the popular backlash during last year’s budget debate.

Despite that outcry, however, VRD was raised 25 per cent in December.VRD is charged on all vehicles upon their registration in the Island and has added around £650 to the cost of a 1.6-litre vehicle and £940 to a 1.8-litre model.The news has been welcomed by the car industry, which has been battling against some of the toughest trading conditions ever experienced in the Island.

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