Article 23 CRTS credits: conversion of unused CCTS allowancesI1

United Kingdom

(1)

A CRTS participant may acquire one CRTS credit in exchange for 167 unused CCTS allowances by making a request to the administrator if—

(a)

the CRTS participant’s number of units of activity in the CCTS in a scheme year does not exceed the number of CCTS allowances which were allocated to it in accordance with article 34 for that year;

(b)

the CRTS participant has more CCTS allowances than it requires in order to comply with article 38(1) (accounting for activity in the CCTS) for that scheme year (referred to in this article as “unused CCTS allowances”); and

(c)

the unused CCTS allowances were allocated by the administrator for F1any 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 CCTS allowances were allocated; and

(b)

must be for a whole number of CRTS credits.

(3)

A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2024 scheme year is limited to a number of CRTS credits which does not exceed 14.3% of the F2total number of cars of which the CRTS participant is the manufacturer and which were registered during that scheme year.

(4)

A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2025 scheme year is limited to a number of CRTS credits which does not exceed F325.2% of the F4total number of cars of which the CRTS participant is the manufacturer and which were registered during that scheme year.

(5)

A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2026 scheme year is limited to a number of CRTS credits which does not exceed F526.4% of the F6total number of cars of which the CRTS participant is the manufacturer and which were registered during that scheme year.

F7(5A)

A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2027 scheme year is limited to a number of CRTS credits which does not exceed 26.6% of the total number of cars of which the CRTS participant is the manufacturer and which were registered during that scheme year.

(5B)

A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2028 scheme year is limited to a number of CRTS credits which does not exceed 31.2% of the total number of cars of which the CRTS participant is the manufacturer and which were registered during that scheme year.

(5C)

A request under paragraph (1) to exchange unused CCTS allowances allocated for the 2029 scheme year is limited to a number of CRTS credits which does not exceed 33% of the total number of cars of which the CRTS participant is the manufacturer and which were registered during that scheme year.

(6)

A CRTS credit acquired in accordance with this article may not be traded under article 25.

Annotations

Textual amendments

F1: Words in art. 23(1)(c) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 8(2)
F2: Words in art. 23(3) substituted (27.11.2024) by The Vehicle Emissions Trading Schemes (Amendment) Order 2024 (S.I. 2024/1130), arts. 1(2), 5(a)
F3: Word in art. 23(4) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 8(3)
F4: Words in art. 23(4) substituted (27.11.2024) by The Vehicle Emissions Trading Schemes (Amendment) Order 2024 (S.I. 2024/1130), arts. 1(2), 5(b)
F5: Word in art. 23(5) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 8(4)
F6: Words in art. 23(5) substituted (27.11.2024) by The Vehicle Emissions Trading Schemes (Amendment) Order 2024 (S.I. 2024/1130), arts. 1(2), 5(c)
F7: Art. 23(5A)-(5C) inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 8(5)

Commencement

I1: Art. 23 in force at 3.1.2024, see art. 1(b)