Finance Act 1992 section 133

Chargeable value

Section 133 sets out how the chargeable value of a vehicle is determined for the purposes of calculating vehicle registration tax (VRT) on category A and category B vehicles.

• VRT on category A and category B vehicles is based on the open market selling price (OMSP) of the vehicle at the time the tax is charged.
• For new vehicles supplied by a manufacturer or sole wholesale distributor, the OMSP is the price declared by that manufacturer or distributor to the Revenue Commissioners, representing the expected retail price inclusive of all taxes and duties.
• Revenue may override a declared price if it considers the declaration to be too high or too low compared with actual market prices, or if no declaration has been made.
• For used vehicles, the OMSP is the price the vehicle might reasonably be expected to fetch on a first retail sale in Ireland, adjusted to include standard enhancements or accessories that may have been removed before registration.