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Emissions allowances: VAT reverse charge

Revenue & Customs Brief 35/10 provides draft legislation and guidance on the operation of a new VAT reverse charge for emissions allowances.

Revenue & Customs Brief 35/10 provides draft legislation and guidance on the operation of a new VAT reverse charge for emissions allowances.

A zero rate was introduced as an interim measure to halt ‘rapidly escalating’ MTIC fraud. An EC directive allowing member states to introduce a reverse charge was adopted earlier this year.

The reverse charge accounting mechanism will apply from 1 November 2010 subject to Parliamentary approval. See www.lexisurl.com/1fpOg.

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