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VAT: Emissions allowances

VAT: Emissions allowances

HMRC has published guidance on the VAT treatment of 'non-compliance carbon credits'. Revenue & Customs Brief 28/2010 entitled 'VAT: liability of non-compliance carbon credits and carbon offsetting services' sets out the VAT treatment of supplies of carbon credits and services provided by carbon offset providers. Broadly the Brief distinguishes between 'compliance market credits' which are subject to VAT and 'non-compliance credits' (including the Verified Emission Reduction) which are not.

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