VAT and voluntary carbon credits
HMRC published Revenue and Customs Brief 7 (2024) VAT treatment of voluntary carbon credits (tinyurl.com/53pydsuy) on 9 May, which confirms that v
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Introducing the new UK carbon border adjustment mechanism
HM Treasury and HMRC launched their joint ‘Consultation on the introduction of a UK carbon border adjustment mechanism’ (CBAM)
Plastic packaging tax: consultation on chemical recycling and adoption of a mass balance approach
Currently, recycled plastic sourced from a mechanical reclamation route can be used to evidence that plastic packaging meets the 30% plastic packaging tax (PPT) relief threshold test.
Amount B of Pillar One: OECD consultation
The OECD published a consultation on Amount B of Pillar One in July 2023.
Reform of transfer pricing, permanent establishments and diverted profits tax
The government said in April 2023 that it would consult on updating the UK’s legislation on transfer pricing, permanent establishments and diverted profits tax.
Addressing carbon leakage risk to support decarbonisation
The measures under consideration in the consultation (tinyurl.com/3jhd4vn5) include:
Taxation of environmental land management and ecosystem service markets
The ATT and CIOT have responded to the HMRC/HMT consultation the ‘Taxation of environmental land management and ecosystem service markets’.
CIOT and ATT’s Joint Climate Change Working Group
The remit of the Climate Change Working Group (CCWG) is to consider the implications of climate change and net zero for UK tax policy. This includes:
VAT energy saving materials relief: CIOT response to call for evidence
Budget 2023 announced a call for evidence to consider options to reform the VAT relief for the installation of energy saving materials in the UK.