I saw a Jaguar ad at a motorway service station this weekend, offering free something and three years free "Road Fund Licence". It's hardly surprising that many people still labour under the misapprehension that VED is hypothecated when a term that was withdrawn 77 years ago is used like this. I wonder why the advertisers chose this particular phrase, rather than something more accurate, or even the more common "Road tax". After all, advertising bods think very carefully about stuff like this.