The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
27 Insertion of new article 57A (trading VRTS allowances with CRTS participants)
After article 57, insert— Trading VRTS allowances with CRTS participants 57A (1) During a trading window, a VRTS participant may trade any unused VRTS allowances with a CRTS participant if— (a) the VRTS participant’s number of units of activity in the VRTS in a scheme year does not exceed the sum of— (i) the number of VRTS allowances which were allocated to the VRTS participant in accordance with article 45 for that year; (ii) the number of any VRTS allowances which were banked by the VRTS participant in accordance with article 46 and were available for it to use at the beginning of the trading window; and (iii) the number of any VRTS credits which were acquired by the VRTS participant in accordance with article 55 (conversion of unused VCTS allowances into VRTS credits) and are available for it to use; (b) the VRTS participant has more VRTS allowances than it requires in order to comply with article 59 (accounting for activity in the VRTS) (referred to in this article as “unused VRTS allowances”); and (c) the VRTS participant did not acquire the unused VRTS allowances in accordance with article 47 (borrowing VRTS allowances). (2) Where a VRTS participant trades an unused VRTS allowance under this article, the VRTS allowance is automatically converted to two CRTS credits on disposal. (3) A VRTS participant may trade parts of VRTS allowances (in which case the conversion rate in paragraph (2) applies on a proportional basis) but may not trade a part smaller than one tenth of a VRTS allowance. (4) Each party to a trade under this article must, before the end of trading window, notify the administrator of the trade, and each notification must include— (a) the name and account number in the registry of the transferor; (b) the name and account number in the registry of the transferee; (c) a statement of the fact that the trade was carried out under this article; (d) the number of VRTS allowances traded; and (e) the price paid for those VRTS allowances. (5) Each party to a trade under this article must inform the other party to the trade of their account number in the registry. (6) Where— (a) the transferor is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article; (b) the transferee is a pool CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article. (7) Where a trade is notified in accordance with paragraph (4), the administrator must update the registry and notify the parties to the trade accordingly. (8) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (4), the trade is treated as not having taken place. .
27 Insertion of new article 57A (trading VRTS allowances with CRTS participants)
After article 57, insert— Trading VRTS allowances with CRTS participants 57A (1) During a trading window, a VRTS participant may trade any unused VRTS allowances with a CRTS participant if— (a) the VRTS participant’s number of units of activity in the VRTS in a scheme year does not exceed the sum of— (i) the number of VRTS allowances which were allocated to the VRTS participant in accordance with article 45 for that year; (ii) the number of any VRTS allowances which were banked by the VRTS participant in accordance with article 46 and were available for it to use at the beginning of the trading window; and (iii) the number of any VRTS credits which were acquired by the VRTS participant in accordance with article 55 (conversion of unused VCTS allowances into VRTS credits) and are available for it to use; (b) the VRTS participant has more VRTS allowances than it requires in order to comply with article 59 (accounting for activity in the VRTS) (referred to in this article as “unused VRTS allowances”); and (c) the VRTS participant did not acquire the unused VRTS allowances in accordance with article 47 (borrowing VRTS allowances). (2) Where a VRTS participant trades an unused VRTS allowance under this article, the VRTS allowance is automatically converted to two CRTS credits on disposal. (3) A VRTS participant may trade parts of VRTS allowances (in which case the conversion rate in paragraph (2) applies on a proportional basis) but may not trade a part smaller than one tenth of a VRTS allowance. (4) Each party to a trade under this article must, before the end of trading window, notify the administrator of the trade, and each notification must include— (a) the name and account number in the registry of the transferor; (b) the name and account number in the registry of the transferee; (c) a statement of the fact that the trade was carried out under this article; (d) the number of VRTS allowances traded; and (e) the price paid for those VRTS allowances. (5) Each party to a trade under this article must inform the other party to the trade of their account number in the registry. (6) Where— (a) the transferor is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article; (b) the transferee is a pool CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article. (7) Where a trade is notified in accordance with paragraph (4), the administrator must update the registry and notify the parties to the trade accordingly. (8) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (4), the trade is treated as not having taken place. .
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.