The paper part will no longer be legal after 7th June 2015 as all records will be kept on the DVLA computer in Swansea.
Therefore after 8th June 2015 this paper part should be destroyed unless you want to hire a car unless you are hiring a car either in France or in another country when you will be asked to produce a code by means of which the booking agent can check upo on your record.
It seems from enquiries that the major global car hire companies are aware of this new situation, although as the system s not yet up and running, but they do not know how it it is going to function.
Smaller companies in holiday resorts may be totally unaware of this so you would be well advised to keep the paper part of the licence, just in case.
However you will need a code to present to the booking agent so that they can access that part of the DVLA computer where the records of driving offences are stored.
To do this:
Call up the DVLA website on the internet
Access the part entitled “View Your Driving Licence” and generate your code from the designated area (Please note this is not yet operational (12/05/2015) so your correspeondent was unable to make a test run.
Also note that any code generated is only valid for 72 hours and it may be necessary to generate a new code for each booking. Also if you are first hiring a car one week into your holiday you will have to access the DVLA website whilst away (not always easy in some locations)