The Greenhouse Gas Emissions Trading Scheme Regulations 2005

13.  Where during a financial year a greenhouse gas emissions permit is surrendered under regulation 16 or revoked under regulation 17(1) or the installation to which the permit relates becomes an excluded installation, the regulator shall make a refund to the operator of a proportion of the charge payable under paragraph 4 or 5 of this Schedule in respect of the remainder of that financial year calculated as follows—

(a) if the charge has been paid for the whole financial year, a refund calculated on a daily basis for the remainder of the financial year commencing on the date on which the notice of surrender or revocation notice takes effect or the date of service of the certificate under regulation 11(6), as appropriate; or

(b) if the charge has been paid only for the quarter in which the surrender or revocation occurs, a refund calculated on a daily basis for the remainder of that quarter commencing on the date on which the notice of surrender or revocation notice takes effect or the date of service of the certificate under regulation 11(6), as appropriate.