Selling vehicle registration numbers

If a vehicle registration number is sold then The Government should be informed of the cost of the sale and a fee of around 10% of the difference between the previous sale and the current sale be paid. This is as well as the usual fee incurred.
​E.G. If a number was bough previously for £100 and the sold for £300 the Government would get 10% of the difference (£200) which would be a fee of £20.

 

 

Why the contribution is important

This is extra revenue for The Government and if someone is buying registration numbers and then making a profit on them when selling them on The Government should be collecting some of that profit as well.

by gantdoo on May 11, 2017 at 08:26AM

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Comments

  • Posted by cassi May 11, 2017 at 13:17

    Nice idea but not sure how this would work or be monitored if people were buying or selling for cash, they could just declare a lower figure?
  • Posted by dpfellows May 11, 2017 at 22:53

    The Government, actually Phil Gawne and his then Department, created a higher market value for 'vanity' plates several years ago.

    One way of getting ongoing taxpayer value from this market would be to require the payment of the higher fee for these plates each time their 'ownership' changed i.e. if the fee for the plate was £300 when person A bought it if they then sell their vehcle or the number plate on its own to another person a second fee of £300 should be applied. If person A sells the plate for more than £300 then they can retain the difference. The administration of this system would be straightforward and would address the point raised by Cassi as the two parties would not have to say what they paid - just to pay a second government fee for ongoing use of the number.

    A question that needs answering in relation to this is 'who owns the number plate'? Is its ownership passed to the person paying the fee or does the IOMG retain ultimate ownership?
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