Article 55 VRTS credits: conversion of unused VCTS allowancesI1

United Kingdom

(1)

A VRTS participant may acquire one VRTS credit in exchange for 216 unused VCTS allowances by making a request to the administrator if—

(a)

the VRTS participant’s number of units of activity in the VCTS in a scheme year does not exceed the number of VCTS allowances which were allocated to it in accordance with article 66 for that year;

(b)

the VRTS participant has more VCTS allowances than it requires in order to comply with article 70 (accounting for activity in the VCTS) for that scheme year (referred to in this article as “unused VCTS allowances”); and

(c)

the unused VCTS 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 VCTS allowances were allocated; and

(b)

must be for a whole number of VRTS credits.

(3)

A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2024 scheme year is limited to a number of VRTS credits which does not exceed 6.5% of the F2total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.

(4)

A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2025 scheme year is limited to a number of VRTS credits which does not exceed F314.4% of the F4total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.

(5)

A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2026 scheme year is limited to a number of VRTS credits which does not exceed F519.2% of the F6total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.

F7(5A)

A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2027 scheme year is limited to a number of VRTS credits which does not exceed 23.8% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.

(5B)

A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2028 scheme year is limited to a number of VRTS credits which does not exceed 27.6% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.

(5C)

A request under paragraph (1) to exchange unused VCTS allowances allocated for the 2029 scheme year is limited to a number of VRTS credits which does not exceed 29% of the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.

(6)

A VRTS credit acquired in accordance with this article may not be traded under article 57.

Annotations

Textual amendments

F1: Words in art. 55(1)(c) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 23(2)
F2: Words in art. 55(3) substituted (27.11.2024) by The Vehicle Emissions Trading Schemes (Amendment) Order 2024 (S.I. 2024/1130), arts. 1(2), 7(a)
F3: Word in art. 55(4) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 23(3)
F4: Words in art. 55(4) substituted (27.11.2024) by The Vehicle Emissions Trading Schemes (Amendment) Order 2024 (S.I. 2024/1130), arts. 1(2), 7(b)
F5: Word in art. 55(5) substituted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 23(4)
F6: Words in art. 55(5) substituted (27.11.2024) by The Vehicle Emissions Trading Schemes (Amendment) Order 2024 (S.I. 2024/1130), arts. 1(2), 7(c)
F7: Art. 55(5A)-(5C) inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 23(5)

Commencement

I1: Art. 55 in force at 3.1.2024, see art. 1(b)