Certificates of entitlement issued under rule 3 (1) (f)
17.—(1) A person who has been issued a certificate of entitlement for an off-peak car under rule 3(1)(f) and who has not used the certificate for the registration of an off-peak car may elect —
(a)
to surrender the certificate to the Registrar for a refund;
(b)
to use the certificate for the purpose of registering an off-peak car under the Road Traffic (Motor Vehicles, Registration and Licensing) Rules (R 5); or
(c)
on or after 1st October 1994, to use the certificate for the purpose of registering a private motor car under the Road Traffic (Motor Vehicles, Registration and Licensing) Rules if he pays to the Registrar a sum of an amount equal to any positive difference derived by deducting —
(i)
the quota premium paid for the certificate of entitlement issued under rule 3(1)(f); from
(ii)
the quota premium which would have been payable for a certificate of entitlement for a motor vehicle of the appropriate cylinder capacity which was issued at the same time as the certificate of entitlement was issued under rule 3(1)(f).
(2) Where the holder of the certificate of entitlement issued under rule 3(1)(f) elects to apply for a refund under paragraph (1)(a), the Registrar may, in his discretion, refund to the holder of the certificate the quota premium paid for the certificate without any interest or reimbursement of any cost or expenses incurred in obtaining the certificate.