Article 60 Payments: VRTS
Where a VRTS participant has insufficient VRTS allowances or VRTS credits to account for the matters in article 59(1) for a scheme year, it must make a payment to the administrator.
Subject to paragraph (3), the payment amount is £18,000 for—
each unit of the VRTS participant’s activity in the VRTS during the scheme year, measured in accordance with article 56, which the participant does not account for by surrendering a VRTS allowance or a VRTS credit to the administrator on or before the 31st December of the year following that scheme year;
each VRTS credit which the VRTS participant must account for in accordance with article 52(3) (car clubs) for the scheme year, and which the participant does not account for by surrendering a VRTS allowance or a VRTS credit to the administrator on or before the 31st December of the year following that scheme year; and
each additional VRTS allowance which the VRTS participant must account for in accordance with article 47(7) (borrowed VRTS allowances) for the scheme year and which the participant does not account for by surrendering a VRTS allowance or VRTS credit to the administrator on or before the 31st December of the year following that scheme year.
For the 2024 scheme year, the payment amount in respect of each of the matters mentioned in paragraph (2)(a) or (b) is £9,000.
The administrator must give a VRTS participant notice of a requirement to make a payment in accordance with this article (referred to in this article as a “payment notice”).
A payment notice must be in writing and must set out—
the amount of the payment and how the amount is calculated;
the date by which payment must be made, which must not be less than 30 days after the date on which the notice is given;
that payment must be made to the administrator;
how payment must be made; and
information about rights of appeal.
A VRTS participant which receives a payment notice under this article must make the payment in accordance with the notice.
The administrator must pay any payment received under this article into the consolidated fund.