{
  "url": "https://openlegislation.uk/vehicle-emissions-trading-schemes-order-2023/article-46",
  "json_url": "https://openlegislation.uk/vehicle-emissions-trading-schemes-order-2023/article-46.json",
  "legislation": "uksi/2023/1394",
  "legislation_title": "The Vehicle Emissions Trading Schemes Order 2023",
  "legislation_url": "https://openlegislation.uk/vehicle-emissions-trading-schemes-order-2023",
  "path": "article/46",
  "kind": "article",
  "number": "46",
  "heading": "Banking VRTS allowances",
  "text": "(1) A VRTS allowance which is allocated to a VRTS participant in accordance with article 45 for a scheme year (referred to in this article as “the scheme year of allocation”) may be—\n(a) surrendered in accordance with article 59 by that VRTS participant, or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57, for the scheme year of allocation, or for any of the three subsequent scheme years;\n(b) traded in accordance with article 57 during the trading window following the scheme year of allocation or the trading window following any of the three subsequent scheme years, by that participant or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57;\n(ba) traded in accordance with article 57A during the trading window following the scheme year of allocation or the trading window following any of the three subsequent scheme years, by that VRTS participant or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57;\n(bb) exchanged for CRTS credits in accordance with article 23A during the trading window following the scheme year of allocation or the trading window following any of three subsequent years, by that participant or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57;\n(c) exchanged for VCTS allowances in accordance with article 67 during the trading window following the scheme year of allocation, or the trading window following any of the three subsequent years, by that participant or by a VRTS participant which acquires the VRTS allowance through trading in accordance with article 57.\n(2) A VRTS participant may bank parts of VRTS allowances, but may not bank a part smaller than one tenth of a VRTS allowance.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Art. 46(1)(ba)(bb) inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 19(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Art. 46(1)(c) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 19(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Art. 46 in force at 3.1.2024, see art. 1(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2023/1394/article/46",
    "retrieved_at": "2026-10-28T21:36:47.782670+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}