Addressing carbon leakage risk to support decarbonisation
The measures under consideration in the consultation (tinyurl.com/3jhd4vn5) include:
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Simplifying the Construction Industry Scheme
The consultation considered three proposals.
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:
Significant changes are underway to business rates
The Non-Domestic Rating Bill 2023, that applies in England and in part to Wales, makes significant changes to business rates.
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.
Extension of the Climate Change Agreement scheme
The CIOT submitted a response (see www.tax.org.uk/ref1109) to the Department for Energy Security and Net Zero’s consultation: ‘Climate Change Agreements:
Natural capital consultation
On 15 March, the government published a consultation on the ‘Taxation of environmental land management and ecosystem service markets’.
Land and buildings transaction tax and the additional dwelling supplement
In February 2022, the Scottish government launched a public consultation on wide-ranging reforms to the additional dwelling supplement (ADS), looking at:
Net zero initiatives: carbon credits and VAT
Following on from our March 2023 article, ‘Tax and the Woodland and Peatland Codes’ (tinyurl.com/54rdynd5) in which the ATT’s Natural Capital Working Group