It is correctly known as the Vehicle Road Fund Licence hence the reason most of us think it is intended to be used for the upkeep of the roads the same now as it was when it was originally introduced.

Don’t know where that is listed – Direct.gov and the DVLA are calling it the Vehicle Excise Duty. Similar argument for tax on petrol – it’s not hypothecated. I believe (though stand to be corrected) that the only tax that goes entirely to pay for specific services is the TV licence.