and the old "they all do that" comes out!
I get very irritated by that phrase. It is offered as a jokey throw-away line and we are supposed to be satisfied. These are increasingly expensive cars and, as we all know, dealer maintenance is also very pricey. We deserve better. But to answer the question - as you see below, mine is a humble (but beautiful) Plus 4. When the tank is full the gauge registers just below full, and I fill up again when it falls to half, so I don't know what happens below that. But I suspect it is not fully accurate.
And whilst I'm on gauges, why is it the temperature gauge varies between 80 and 100 degrees? My tin top doesn't do that and, come to think of it, none of my cars (except in 1968 with a Ford 100E) has the temperature ever varied from "normal". I'd have thought that with an efficient radiator (mine is new), loads of inny and outty louvres and with an established-pedigree Smith Industries gauge the engine ought to be better maintained at a consistent indicated temperature.