Everything News Jobs Opportunities Events Products/Services
more
 
About
Go to Home
Sign Up Sign in

The Low Carbon Economy Ltd

24 Aug 2010 12:08:02

HMRC to reintroduce VAT on carbon allowances



HMRC to reintroduce VAT on carbon allowances
VAT will be reintroduced on carbon emissions allowances from this November, Her Majesties Revenue and Customs (HMRC) has announced.

The tax was reduced to zero on allowances in July 2009 in response to the levels of carousel fraud within the industry before European Union-wide measures were put in place.

A directive was issued in March which allows member states to overturn this rate.

"This move was always intended as an interim measure until the legislation necessary to introduce a reverse charge could be put in place," BusinessGreen quotes a HMRC spokesperson as stating.

The practice of carousel fraud involves firms buying emissions in one country without paying tax, then adding the cost of tax and selling it on in another country, while taking the cash from the difference in price themselves.

Some 30 arrests have already taken place across a number of countries, including Spain, Norway, Denmark, Belgium, the Netherlands, the Czech Republic and Cyprus, in relation to such schemes. ADNFCR-1235-ID-800037436-ADNFCR


Discussion Thread  

 


The Low Carbon Economy Ltd Community



Related Items From Everyone


  1. RE: Solar water systems Discussed in Discussions

    Just get 6 quotes like I did - Tell each representative you are getting quotes from other...

  2. Belectric is the world's leading provider (EPC contractor) of commercial and utility scale solar...

  3. 'Powertree EooD, Nikiup, Veliko Turnovo, Bulgaria' - I have to completely disagree with you. In...

    17 Oct 2009
  4. The UK government has announced the creation of a new chief construction officer role, which...

    26 Aug 2009
  5. Belfast City Council is to consider plans this week for the construction of a £1 billion...

    09 Jun 2009



Go To Home

Resource Links

We're social: View Available Feeds Find out more! Leave us your feedback

RSS



We appreciate all feedback. Please leave as much or as little as you like about any aspect of this website.

If your message requires a response, please leave your email address.