5(1)References in this Schedule to the owner of a vehicle are references to the owner of the vehicle at the time at which the election is made under section 67(6) of this Act that the test should be deferred.E+W+S
(2)For the purposes of this Schedule—
(a)subject to sub-paragraph (b) below, if at the time at which that election is made the vehicle is in the possession of a person under a hire-purchase agreement or hiring agreement, that person shall be deemed to be the owner of the vehicle to the exclusion of any other person,
(b)if at that time the vehicle is being used under an international circulation permit, the person to whom the permit was issued shall be deemed to be the owner of the vehicle to the exclusion of any other person.