# The Vehicle Emissions Trading Schemes Order 2023, Article 62: Expiry of VRTS allowances and VRTS credits

Extent: E+W+S+N.I.

(1) The administrator must record in the registry the expiry of a VRTS allowance, including a VRTS allowance which has been traded in accordance with article 57, which is—
(a) surrendered by a VRTS participant in accordance with article 59;
(b) not surrendered by a VRTS participant for—
(i) the scheme year for which it was allocated;
(ii) any of the three subsequent scheme years; or
(iii) a scheme year earlier than the scheme year for which it was due to be allocated, in accordance with article 47 (borrowing VRTS allowances);
(c) not surrendered by a former VRTS participant in accordance with article 61(5)(a); ...
(ca) converted into CRTS credits in accordance with article 23A;
(cb) converted into CRTS credits pursuant to a trade under article 57A; or
(d) converted into VCTS allowances in accordance with article 67.
(2) The administrator must record in the registry the expiry of a VRTS credit, including a VRTS credit which has been traded in accordance with article 57 or 58, which is—
(a) surrendered by a VRTS participant in accordance with article 59; ...
(b) not surrendered by a VRTS participant for the scheme year for which the credit was acquired;
(c) converted into CRTS credits in accordance with article 23B; or
(d) converted into CRTS credits pursuant to a trade under article 58A.

---
Source: https://www.legislation.gov.uk/uksi/2023/1394/article/62 (the official version)
Page: https://openlegislation.uk/vehicle-emissions-trading-schemes-order-2023/article-62
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.