UK carbon fraud measures could impact market

The UK authorities' decision to introduce a reverse charge mechanism on carbon credits from November could increase costs and push trading on to exchanges, say market participants

US carbon market

The UK tax authorities, HM Revenue & Customs (HMRC), will reintroduce value added tax (VAT) charges on carbon credits from November, a move that market participants say will result in extra bureaucracy and costs that could impact trading patterns.

HMRC removed the levy completely on July 31, 2009 in an attempt to combat increasing incidences of VAT fraud, known as carousel fraud, in the European carbon markets.

Carousel fraud involves fraudsters setting up a bogus company that charges and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

Chartis Energy50 2023

The latest iteration of Chartis' Energy50 2023 ranking and report considers the key issues in today’s energy space, and assesses the vendors operating within it

2021 brings big changes to the carbon market landscape

ZE PowerGroup Inc. explores how newly launched emissions trading systems, recently established task forces, upcoming initiatives and the new US President, Joe Biden, and his administration can further the drive towards tackling the climate crisis

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here