Definition of vehicle excise duty

A form of tax is payable in the UK for various vehicles using the public highway. This vehicle excise duty (VED) was formerly known as the road fund licence, when the monies raised were intended to be directly used to maintain the road system in the early part of the 20th century.

It has often colloquially been known as the road fund licence since then, particularly in light of the fact that, prior to October 2014, motor vehicles subject to the tax were required to display a vehicle licence (tax disc) as evidence of having paid the tax. [1]

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