14.—(1) Subject to paragraph (2), the quota premium payable for a certificate of entitlement that is issued during any quota period for a motor vehicle in any category of vehicleshall be —
(a)
an amount equal to the lowest proposal amount expressed in the successful applications for certificates of entitlement issued during that quota period in relation to that category of vehicle;
(b)
double the amount calculated in accordance with sub- paragraph (a) if the person to whom the certificate of entitlement is issued applies to register the motor vehicle as a business service passenger vehicle;
(c)
one-third of the amount calculated in accordance with sub-paragraph (a) if the motor vehicle is a motor cycle and the certificate of entitlement is for a motor vehicle within the open category; or
(d)
70% of the amount calculated in accordance with sub-paragraph (a) if the motor vehicle is —
(i)
a taxi; or
(ii)
a private hire car, registered using a certificate of entitlement issued before 1st April 1998.
(2) Where a certificate of entitlement is used for the registration of a motor vehicle as an off-peak car under the Road Traffic (Motor Vehicles, Registration and Licensing) Rules (R 5), the Registrar shall grant to the holder of the certificate a rebate of the whole or part of the quota premium paid for the certificate under paragraph (1), which rebate shall be determined in accordance with the following formula:
Where T is equal to the sum of A, B and C, if the sum of A, B and C does not exceed the maximum rebate or, otherwise, the amount of the maximum rebate;
A is the amount of customs duties paid in respect of the motor vehicle under the Customs Duties Order (Cap. 70, O 4);
B is the quota premium payable under paragraph (1) for the certificate of entitlement for the motor vehicle;
C is the net additional registration fee as prescribed in rule 9(4) of the Road Traffic (Motor Vehicles, Registration and Licensing) Rules.
(3) For the purposes of paragraph (2), “maximum rebate” means the maximum rebate prescribed in rule 9(4) of the Road Traffic (Motor Vehicles, Registration and Licensing) Rules.
(4) Paragraph (1)(b) shall not apply to a business service passenger vehicle registered using a certificate of entitlement issued on or after 1st April 1998.