The Vehicle Emissions Trading Schemes Order 2023
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Change 1
55 VRTS credits: conversion of unused VCTS allowances
(1) A VRTS participant may acquire one VRTS credit in exchange for 216 unused VCTS allowances by making a request to the administrator if— (a) the VRTS participant’s number of units of activity in the VCTS in a scheme year does not exceed the number of VCTS allowances which were allocated to it in accordance with article 66 for that year; (b) the VRTS participant has more VCTS allowances than it requires in order to comply with article 70 (accounting for activity in the VCTS) for that scheme year (referred to in this article as “unused VCTS allowances”); and (c) the unused VCTS allowances were allocated by the administrator for any scheme year other than the 2030 scheme year. (2) A request under paragraph (1)— (a) must be made during the trading window following the scheme year for which the unused VCTS allowances were allocated; and (b) must be for a whole number of VRTS credits. (3) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2024 scheme year is limited to a number of VRTS credits which does not exceed 6.5% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (4) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2025 scheme year is limited to a number of VRTS credits which does not exceed 14.4% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2026 scheme year is limited to a number of VRTS credits which does not exceed 19.2% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5A) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2027 scheme year is limited to a number of VRTS credits which does not exceed 23.8% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5B) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2028 scheme year is limited to a number of VRTS credits which does not exceed 27.6% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5C) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2029 scheme year is limited to a number of VRTS credits which does not exceed 29% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (6) A VRTS credit acquired in accordance with this article may not be traded under article 57.
55 VRTS credits: conversion of unused VCTS allowances
(1) A VRTS participant may acquire one VRTS credit in exchange for 216 unused VCTS allowances by making a request to the administrator if— (a) the VRTS participant’s number of units of activity in the VCTS in a scheme year does not exceed the number of VCTS allowances which were allocated to it in accordance with article 66 for that year; (b) the VRTS participant has more VCTS allowances than it requires in order to comply with article 70 (accounting for activity in the VCTS) for that scheme year (referred to in this article as “unused VCTS allowances”); and (c) the unused VCTS allowances were allocated by the administrator for any scheme year other than the 2030 scheme year. (2) A request under paragraph (1)— (a) must be made during the trading window following the scheme year for which the unused VCTS allowances were allocated; and (b) must be for a whole number of VRTS credits. (3) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2024 scheme year is limited to a number of VRTS credits which does not exceed 6.5% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (4) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2025 scheme year is limited to a number of VRTS credits which does not exceed 14.4% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2026 scheme year is limited to a number of VRTS credits which does not exceed 19.2% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5A) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2027 scheme year is limited to a number of VRTS credits which does not exceed 23.8% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5B) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2028 scheme year is limited to a number of VRTS credits which does not exceed 27.6% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (5C) A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2029 scheme year is limited to a number of VRTS credits which does not exceed 29% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year. (6) A VRTS credit acquired in accordance with this article may not be traded under article 57.
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