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The law has changed again (March 1998) since this was written
If you think that you may be in the same position, you should check your chassis number which is also on your V5.
The following is a guide only, but if your chassis number falls before these
numbers your car was probably constructed in 1972.
MG Midget - 129897If it is constructed in 1972 you will need to get proof of the construction date. You can get a letter from BMIHT by sending them the appropriate fee and a copy of your V5 or if you already have a Heritage certificate this will suffice.
MGB Roadster - 307715
MGB GT - 310577
Address it to
British Motor Industry Heritage Trust
Heritage Motor Centre
The next step is to take your V5, insurance, MOT certificate, current tax disc, and the letter (or heritage certificate) that proves the construction date to your local vehicle and driver licensing office (found in the phone book under 'Transport, Department of'). They will get you to fill in a V10 for a new tax disc, and will send the old back to the DVLA for a refund using a V14. The V5 will also be sent back to the DVLA for a change of status.
(When you first register your vehicle as Tax Exempt you must do it via a Licencing Office or Swansea, thereafter you can renew it at any Post Office etc as normal.)
**** A word of caution ****
The staff will look at your V5 and tell you that your car is not exempt because it is registered in 1973 and not 72, but you can tell them that it is the construction date that is important and that the letter that you have in your hand proves the construction date. The DVLA information form that refers to construction date is the INF34.
They back-date the refund and new licence to 1st January rather than from the beginning of the next month, which is nice, but I wouldn't leave it too long.
I hope that helps and saves you a years Road Fund Tax. If it does, congratulate yourself for reading this article, if not I am sorry, but maybe you will get your turn next year.