Carbon capture and utilization (CCU) technologies can lead to a net reduction of CO2 emissions but also to a transfer from emissions between different regulatory areas. This paper presents a tool to evaluate the impact of CCU technology within the European regulatory framework with respect to the accounting of carbon transferred between the CO2 source and its subsequent application. Additional emissions caused by energy requirements of the capture or any conversion steps are not considered. The tool is applied to a variety of possible combinations and their respective impact evaluated.