The Vehicle Emissions Trading Schemes Order 2023

Interpretation of Chapter 1

9.  In this Chapter—

(a) the retention by a CRTS participant of a CRTS allowance for use for a scheme year later than the scheme year of allocation in accordance with article 14(1) is referred to as “banking” the CRTS allowance;

(b) a CRTS allowance which is retained for use for a scheme year later than the scheme year of allocation is referred to as a “banked” CRTS allowance;

(c) the surrender by a CRTS participant, in accordance with article 15, of a CRTS allowance which is due to be allocated to the participant for a future scheme year is referred to as “borrowing” the CRTS allowance;

(d) a CRTS allowance which is surrendered as described in paragraph (c) is referred to as a “borrowed” CRTS allowance;

(e) “scheme year of pooling” means a scheme year for which a group of two or more manufacturers is a pool CRTS participant;

(f) “banked pool allowances” means CRTS allowances which were banked by a pool CRTS participant for a scheme year of pooling and which remain available for use in accordance with article 14(1) for one or more of the scheme years which follow a scheme year of pooling;

(g) “borrowed pool allowances” means CRTS allowances which were borrowed by a pool CRTS participant for a scheme year of pooling but which were not accounted for in accordance with article 15 for a scheme year of pooling;

(h) “departing member” means a manufacturer which ceases to a member of a pool CRTS participant part-way through the trading period;

(i) “joining manufacturer” means a manufacturer which becomes a member of a pool CRTS participant part-way through the trading period;

(j) “in-year banked allowances”, in relation to a scheme year of pooling, means CRTS allowances which were available to a pool CRTS participant to account for its activity in the CRTS in accordance with article 27 for that scheme year of pooling, but which were not required by it in order to do so;

(k) “in-year borrowed allowances”, in relation to a scheme year of pooling, means CRTS allowances which were borrowed by a pool CRTS participant in order to account for its activity in the CRTS for that scheme year of pooling.