Article 62 Expiry of VRTS allowances and VRTS creditsI1

United Kingdom

(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); F1...

F2(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; F3...

(b)

not surrendered by a VRTS participant for the scheme year for which the credit was acquired;

F4(c)

converted into CRTS credits in accordance with article 23B; or

(d)

converted into CRTS credits pursuant to a trade under article 58A.

Annotations

Textual amendments

F1: Word in art. 62(1)(c) omitted (1.1.2026) by virtue of The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 32(2)(a)
F2: Art. 62(1)(ca)(cb) inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 32(2)(b)
F3: Word in art. 62(2)(a) omitted (1.1.2026) by virtue of The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 32(3)(a)
F4: Art. 62(2)(c)(d) inserted (1.1.2026) by The Vehicle Emissions Trading Schemes (Amendment) (No. 2) Order 2025 (S.I. 2025/1101), arts. 1(1), 32(3)(b)

Commencement

I1: Art. 62 in force at 3.1.2024, see art. 1(b)