Article 23A CRTS credits: conversion of unused VRTS allowances by a CRTS participant which is also a VRTS participantF1

(1)

During a trading window, a CRTS participant which is also a VRTS participant may acquire two CRTS credits in exchange for one unused VRTS allowance by making a request to the administrator if—

(a)

the participant’s number of units of activity in the VRTS in a scheme year does not exceed the sum of—

(i)

the number of VRTS allowances which were allocated to the participant in accordance with article 45 for that year;

(ii)

the number of any VRTS allowances which were banked by the participant in accordance with article 46 and were available for it to use at the beginning of the trading window; and

(iii)

the number of any VRTS credits which were acquired by the participant in accordance with article 55 (conversion of unused VCTS allowances);

(b)

the participant has more VRTS allowances than it requires in order to comply with article 59 (accounting for activity in the VRTS) for that scheme year (referred to in this article as “unused VRTS allowances”); and

(c)

the participant did not acquire the unused VRTS allowances in accordance with article 47 (borrowing VRTS allowances).

(2)

A request under paragraph (1)—

(a)

must be made during the trading window following the scheme year for which the participant intends to surrender the CRTS credits to which the request relates; and

(b)

may be for the exchange of a part of a VRTS allowance but may not be for the exchange of a part which is smaller than one tenth of a VRTS allowance.

(3)

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

Annotations

Textual amendments

F1: Art. 23A inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 9