The Office of the Traffic Commissioner has today (24 December 2019) confirmed the levels against which applications and continuations will be assessed from the start of 2020.
There will be no change to the rates of finance, which must be available to support a licence or application. Therefore, operators will continue to be required to demonstrate rates of finance as follows:
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Standard national and international licence applicants will be required to demonstrate £8000 for the first vehicle and £4450 for each additional vehicle they request to be authorised.
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To support a restricted licence or application operators will be required to show £3100 for the first vehicle and £1700 for each additional authorised vehicle.
Operators making variation applications will be required to demonstrate financial standing for their existing fleet and any additional authorisation against these levels.
Any applicant or licence holder appearing at public inquiry before a traffic commissioner after 1 January 2020, where evidence of financial standing is requested, will be required to continue to satisfy these levels.
The Senior Traffic Commissioner’s statutory guidance document on finance will reflect the above rates.