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Article 44 VRTS allowances and limits on VRTS allowances and VRTS activity

Original text. Later amendments are not shown.

(1)

A VRTS allowance is an allowance for the registration of one NZE van.

(2)

The total amount of VRTS allowances which may be allocated for the trading period is limited in accordance with article 45.

(3)

The total number of units of activity in the VRTS which may be accounted for by the surrender of a VRTS allowance or a VRTS credit in accordance with article 59 for the trading period is limited to the number which results from the following calculation.

  • Step 1

    Calculate the “relevant percentage” for each scheme year which is—

    1. (a)

      for the 2024 scheme year and the 2025 scheme year, 100%;

    2. (b)

      for the 2026 scheme year, the sum of—

      1. (i)

        the percentage shown in column 2 of the Table in Part 2 of Schedule 6 (percentage of van registrations for calculating VRTS allowances) for that scheme year;

      2. (ii)

        the percentage shown in article 47(2) (limits on borrowed VRTS allowances) for that scheme year; and

      3. (iii)

        the percentage shown in article 55(3) to (5) (limits on conversion of unused VCTS allowances into VRTS credits) for that scheme year; and

    3. (c)

      for the 2027 scheme year, the 2028 scheme year, the 2029 scheme year and the 2030 scheme year, the percentage shown in column 2 of the Table in Part 2 of Schedule 6 for that scheme year.

  • Step 2

    Calculate the number of vans registered during the trading period by a low-volume VRTS participant or by a VRTS participant described in article 45(4) or (6).

  • Step 3

    Calculate the total number of vans registered during the trading period, subtract from that number the number obtained at Step 2, and multiply the resulting number by the average of the relevant percentages obtained at Step 1.

  • Step 4

    Calculate the number which is equal to 2.5% of all the cars, vans and SPVs which are registered during the trading period.

  • Step 5

    Calculate the number of ZE SPVs of category N1, and ZE SPVs of category N2 which are within the description in paragraph (c) of the definition of “van” in article 3(1), of which an SPV van manufacturer is the manufacturer, which were to be used exclusively by a car club for the provision of a car club service for a period of 18 months from the date the SPV was registered and which were registered during the trading period, and multiply that number by 0.5.

  • Step 6

    Calculate the number of ZE SPVs of category N1, or of category N2 which fall within the description in paragraph (c) of the definition of “van” in article 3(1), which are registered during the trading period.

  • Step 7

    Add together the numbers which result from Steps 2 to 6.