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ERUs, EUAs, CERs and ROCs for Reducing GHGs

 
John Manning and Nick McChesney PricewaterhouseCoopers LLP consider the potential VAT implications for UK business of trading in emission allowance instruments
Background
 
Emissions reduction schemes are founded on a collective international initiative to reduce the environmental impact of the greenhouse gas (GHG) emissions generated by business and consumers. There is no simple panacea and a wide range of approaches is being pursued by governments and regulators to tackle the problem. To the uninitiated this must seem a bewildering topic.
 
HMRC recently published its policy on the VAT treatment of cross-border trading in emission allowance instruments. This topic is assuming greater significance as an increasing number of businesses are now trading such instruments commonly referred to...
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