Market leading insight for tax experts
View online issue

Extended deadline for surrender of 2018 EU ETS allowances

printer Mail

The government has laid amending regulations extending until 26 March 2019 the deadline for UK operators participating in the EU Emissions Trading Scheme (EU ETS) to surrender their emission allowances for the 2018 scheme year.

The Greenhouse Gas Emissions Trading Scheme (Amendment) Regulations, SI 2019/528, extend the deadline for UK operators to surrender allowances from 15 March 2019 to 26 March 2019. The deadline for UK operators to report their 2018 emissions to their regulator remains unchanged from 11 March 2019.

Participants in the EU ETS are required to monitor their emissions during each calendar year, and at the end of each reporting year, surrender one emissions allowance for every tonne of carbon dioxide equivalent (CO2e) they have emitted, to meet their EU ETS obligations.

In a written statement on 11 March, the energy minister, Claire Perry, said: ‘This short extension to the deadline to surrender allowances would allow all UK operators additional time to meet their EU ETS compliance requirements. UK operators would still be able to surrender allowances to meet their 2018 compliance obligations on any date before 26 March 2019’.

The government has stated that, after leaving the EU, it remains committed to meeting its target to reduce its greenhouse gas emissions by at least 80% (relative to 1990 levels) by the year 2050.

Issue: 1435
Categories: News