Have your say on the UK’s carbon import tax
[ad_1] The government has asked for feedback on the scope, calculation and implementation of its new carbon border adjustment mechanism. HMRC and HM Treasury have published a consultation on the design and administration of a UK carbon border adjustment mechanism (CBAM). A CBAM applies a charge to imported goods based on the embedded emissions within […]
UK announces introduction of carbon border adjustment
[ad_1] A carbon pricing mechanism for imports will be implemented by 2027 to support decarbonisation. From 2027, goods imported into the UK from countries with a lower carbon price than the UK will have to pay a levy. This levy, known as a carbon border adjustment mechanism (CBAM), will initially apply to imports of iron, […]
ICAEW supports measures to address carbon leakage risk
[ad_1] ICAEW’s response focuses on reducing the potential administrative burdens associated with introducing a carbon border adjustment mechanism and mandatory product standards. ICAEW has responded, in ICAEW REP 57/23, to the government’s consultation, Addressing carbon leakage risk to support decarbonisation. For the purposes of the consultation, carbon leakage is defined as the movement of production […]
Government publishes consultation on addressing carbon leakage
[ad_1] The consultation by HM Treasury and the Department for Energy Security and Net Zero includes proposals for a UK carbon border adjustment mechanism. On 30 March 2023, the UK government launched a consultation on addressing carbon leakage risk to support decarbonisation. Carbon leakage refers to businesses moving their operations overseas to countries with less […]