Revisions to the levels of funding required by goods and public service vehicle licence holders
Revised figures announced for holders of goods and public service vehicle licences operating for hire or reward.
The Department for Transport has given notice of revisions to the levels of funding required by holders of goods and public service vehicle operators’ licences operating for hire or reward. This is a requirement of EU Regulation 1071/2009 which affects holders of standard national and standard international licences.
The Traffic Commissioners retain their discretion to set the financial standing levels for restricted licence holders (not covered by the regulation) and they propose to maintain the current rates.
The revised figures are set out below and are based on the euro exchange rate on the first working day in October 2012 – as prescribed by EU Regulation 1071/2009. The new rates will come into force on 1 January 2013 and will remain in place until the 31 December 2013 (previous rates are in brackets).
| Minimum financial level requirement | |
|---|---|
| Standard national and standard international licences | |
| a. first vehicle | £7,200 (£7,700) |
| b. each additional vehicle | £4,000, ( £4,200) |
| Restricted licences | |
| a. first vehicle | £3,100 ( £3,100) |
| b. each additional vehicle | £1,700 ( £1,700) |
Note to editors
The financial limits set by EU Regulation 1071/2009 are 9000 euros for the first vehicle and 5000 euros for each subsequent vehicle. For member states not participating in monetary union, the regulation requires the equivalent in their currencies to be revised every year, using the euro exchange rate published in the Official Journal of the European Union on the first working day of October in the previous year.
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