VRTS credits: registration of ZE SPVs (VRTS participants)
51.—(1) Subject to paragraph (2), a VRTS participant acquires a VRTS credit for a scheme year for each ZE SPV of which it is the manufacturer and—
(a)which is registered during a scheme year; and
(b)which is a vehicle of category N1 or a vehicle of category N2 which falls within the description in paragraph (c) of the definition of “van” in article 3(1).
(2) A VRTS participant may not acquire a number of VRTS credits for a scheme year in accordance with paragraph (1) which exceeds the number which is the greater of—
(a)the number of VRTS allowances allocated to that participant in accordance with article 45 for the scheme year; or
(b)the number of units of activity in the VRTS which that participant has for the scheme year, measured in accordance with article 56.