Allocation of VRTS allowances
45.—(1) The administrator must allocate VRTS allowances in accordance with paragraphs (2) to (7) and subject to paragraph (8).
(2) Except where a VRTS participant falls within paragraph (3), or where paragraph (5) or (7) applies, the administrator must allocate to a VRTS participant for each scheme year a number of VRTS allowances which is equal to P multiplied by T, where—
(a)P is the percentage shown in column 2 of the Table in Part 2 of Schedule 6 for that scheme year; and
(b)T is the total number of vans of which the VRTS participant is the manufacturer and which were registered during that scheme year.
(3) The administrator must allocate to a low-volume VRTS participant a number of VRTS allowances for a scheme year which is equal to the number of vans of which the low-volume VRTS participant is the manufacturer and which were registered during that scheme year, subject to a maximum of 2,499 VRTS allowances.
(4) Paragraph (5) applies for the purpose of calculating the number of VRTS allowances to be allocated to a VRTS participant where—
(a)the VRTS participant is not a low-volume VRTS participant for the scheme year for which the calculation is made (referred to in this paragraph and in paragraph (5) as “the transition year”);
(b)the VRTS participant was a low-volume VRTS participant for the scheme year immediately preceding the transition year; and
(c)the transition year is not the 2030 scheme year.
(5) Where this paragraph applies, the administrator must allocate to the VRTS participant a number of VRTS allowances for the transition year which is equal to the higher of—
(a)the number of vans of which the low-volume VRTS participant is the manufacturer and which were registered during the transition year, subject to a maximum of 2,499 VRTS allowances; or
(b)the number which results from the application of the formula in paragraph (2) for the transition year.
(6) Paragraph (7) applies for the purpose of calculating the number of VRTS allowances to be allocated to a VRTS participant which—
(a)was a low-volume VRTS participant by virtue of Part 2 of Schedule 4 for the 2029 scheme year; and
(b)is the manufacturer of fewer than 2,500 vans, but more than 999 vans, which were registered during the 2030 scheme year.
(7) Where this paragraph applies, the administrator must allocate to the VRTS participant a number of VRTS allowances for the 2030 scheme year which is equal to the higher of—
(a)the number of vans of which the low-volume VRTS participant is the manufacturer and which were registered during the 2030 scheme year, subject to a maximum of 2,499 VRTS allowances; or
(b)the number which results from the application of the formula in paragraph (2) for the 2030 scheme year.
(8) The allocation of allowances in accordance with this article may not result in the allocation of part of a VRTS allowance which is smaller than one tenth of a VRTS allowance, and a VRTS participant’s allocation of VRTS allowances must, where necessary, be rounded to the nearest decimal place accordingly.