Market leading insight for tax experts
View online issue

Technical note on carbon emissions tax

printer Mail

HMRC has updated its guidance on carbon emissions tax arrangements if the UK leaves the EU without a deal. The guidance has been updated to confirm that if the UK leaves the EU on 31 October 2019 without a deal in place the government would introduce the new carbon emissions tax from 4 November 2019.

As announced at Budget 2018, the new tax would replace the UK’s participation in the EU ETS, while meeting existing carbon reduction targets, but would not apply to the aviation sector. There should be no requirement to register or make tax returns, as HMRC already holds the required information within its existing IT systems. HMRC intends to update this note when further information on 2019 reporting obligations for operators is released in due course.

Issue: 1452
Categories: News