The Vehicle Emissions Trading Schemes Order 2023
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
25A Trading CRTS allowances with VRTS participants
(1) During a trading window, a CRTS participant may trade any unused CRTS allowances with a VRTS participant if— (a) the CRTS participant’s number of units of activity in the CRTS in a scheme year does not exceed the sum of— (i) the number of CRTS allowances which were allocated to the CRTS participant in accordance with article 13 for that year; (ii) the number of any CRTS allowances which were banked by the CRTS participant in accordance with article 14 and were available for it to use at the beginning of the trading window; and (iii) the number of any CRTS credits which were acquired by the CRTS participant in accordance with article 23 (conversion of unused CCTS allowances) and are available for it to use; (b) the CRTS participant has more CRTS allowances than it requires in order to comply with article 27 (accounting for activity in the CRTS) for that scheme year (referred to in this article as “unused CRTS allowances”); and (c) the CRTS participant did not acquire the unused CRTS allowances in accordance with article 15 (borrowing CRTS allowances). (2) Where a CRTS participant trades a CRTS allowance under this article, the CRTS allowance is automatically converted to four tenths of a VRTS credit on disposal. (3) The CRTS participant may trade parts of CRTS 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 CRTS allowance. (4) Each party to a trade under this article must, before the end of the 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 CRTS allowances traded; and (e) the price paid for those CRTS 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 CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article; (b) the transferee is a pool VRTS participant, article 57(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.
25A Trading CRTS allowances with VRTS participants
(1) During a trading window, a CRTS participant may trade any unused CRTS allowances with a VRTS participant if— (a) the CRTS participant’s number of units of activity in the CRTS in a scheme year does not exceed the sum of— (i) the number of CRTS allowances which were allocated to the CRTS participant in accordance with article 13 for that year; (ii) the number of any CRTS allowances which were banked by the CRTS participant in accordance with article 14 and were available for it to use at the beginning of the trading window; and (iii) the number of any CRTS credits which were acquired by the CRTS participant in accordance with article 23 (conversion of unused CCTS allowances) and are available for it to use; (b) the CRTS participant has more CRTS allowances than it requires in order to comply with article 27 (accounting for activity in the CRTS) for that scheme year (referred to in this article as “unused CRTS allowances”); and (c) the CRTS participant did not acquire the unused CRTS allowances in accordance with article 15 (borrowing CRTS allowances). (2) Where a CRTS participant trades a CRTS allowance under this article, the CRTS allowance is automatically converted to four tenths of a VRTS credit on disposal. (3) The CRTS participant may trade parts of CRTS 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 CRTS allowance. (4) Each party to a trade under this article must, before the end of the 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 CRTS allowances traded; and (e) the price paid for those CRTS 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 CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article; (b) the transferee is a pool VRTS participant, article 57(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.
How this law is officially changed
Solon does not know this law's official route yet. The proposal is recorded all the same, and the route appears here once its source is added.
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.