{
  "url": "https://openlegislation.uk/vehicle-emissions-trading-schemes-order-2023/article-57A",
  "json_url": "https://openlegislation.uk/vehicle-emissions-trading-schemes-order-2023/article-57A.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/57A",
  "kind": "article",
  "number": "57A",
  "heading": "Trading VRTS allowances with CRTS participants",
  "text": "(1) During a trading window, a VRTS participant may trade any unused VRTS allowances with a CRTS participant if—\n(a) the VRTS participant’s number of units of activity in the VRTS in a scheme year does not exceed the sum of—\n(i) the number of VRTS allowances which were allocated to the VRTS participant in accordance with article 45 for that year;\n(ii) the number of any VRTS allowances which were banked by the VRTS participant in accordance with article 46 and were available for it to use at the beginning of the trading window; and\n(iii) the number of any VRTS credits which were acquired by the VRTS participant in accordance with article 55 (conversion of unused VCTS allowances into VRTS credits) and are available for it to use;\n(b) the VRTS participant has more VRTS allowances than it requires in order to comply with article 59 (accounting for activity in the VRTS) (referred to in this article as “unused VRTS allowances”); and\n(c) the VRTS participant did not acquire the unused VRTS allowances in accordance with article 47 (borrowing VRTS allowances).\n(2) Where a VRTS participant trades an unused VRTS allowance under this article, the VRTS allowance is automatically converted to two CRTS credits on disposal.\n(3) A VRTS participant may trade parts of VRTS allowances (in which case the conversion rate in paragraph (2) applies on a proportional basis) but may not trade a part smaller than one tenth of a VRTS allowance.\n(4) Each party to a trade under this article must, before the end of trading window, notify the administrator of the trade, and each notification must include—\n(a) the name and account number in the registry of the transferor;\n(b) the name and account number in the registry of the transferee;\n(c) a statement of the fact that the trade was carried out under this article;\n(d) the number of VRTS allowances traded; and\n(e) the price paid for those VRTS allowances.\n(5) Each party to a trade under this article must inform the other party to the trade of their account number in the registry.\n(6) Where—\n(a) the transferor is a pool VRTS participant, article 57(5) applies to a trade under this article as it applies to a trade under that article;\n(b) the transferee is a pool CRTS participant, article 25(5) applies to a trade under this article as it applies to a trade under that article.\n(7) Where a trade is notified in accordance with paragraph (4), the administrator must update the registry and notify the parties to the trade accordingly.\n(8) Unless the administrator is satisfied that notification of a trade has been given in accordance with paragraph (4), the trade is treated as not having taken place.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Art. 57A inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 27"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2023/1394/article/57A",
    "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."
}