Duty to surrender allowances
26.—(1) An aircraft operator must, for each calendar year from 1st January 2012, surrender allowances or project credits equal to its aviation emissions by 30th April in the following year.
(2) Where an aircraft operator fails to surrender sufficient allowances or project credits under paragraph (1)—
(a)the regulator must give notice to the aircraft operator; and
(b)the aircraft operator must, by 30th April in the year after it is given that notice, surrender allowances or project credits equal to the deficit.
(3) For the trading period 2012, in complying with its obligations under paragraph (1) and (where applicable) paragraph (2) an aircraft operator must not surrender more than 15% of project credits in the total amount of allowances and project credits surrendered.