UK:
Can Tax Save The Polar Bears?
13 December 2021
Katten Muchin Rosenman LLP
To print this article, all you need is to be registered or login on Mondaq.com.
The article analyzes the role taxes can play in "shaping
the behavior of individuals and businesses," particularly
in saving our ecosystems. The article breaks down the 'polluter
pays' principle — which levies higher taxes on big
polluters as a means of actively discouraging polluting behavior,
using the UK Government's announcement regarding a higher air
passenger duty (APD) on ultra-long haul flights as an example.
While ADP rates decreased for domestic flights, it is noted that
those flights are within scope of the UK Emissions Trading System
(ETS), which limits carbon emissions. Another example is the
plastic packaging tax (PPT) that will tax plastic packaging that
contains less than 30 percent recycled plastic content. The article
concludes that there is more room for improvement and further
accountability for polluters, but tax has the potential to affect
change.
Can Tax Save the Polar Bears?
Published by International Accountant
Magazine
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from UK
Tax – A Shake-Up Looms
Herbert Smith Freehills
Few developments in the tax world have an impact on a truly global scale, but the so-called 'Pillar Two' rules – essentially a global minimum corporate tax – is one of them.
Tax Relief On Debt For Companies
Lubbock Fine
When financing your business operations through borrowing, one of the main considerations will be whether the interest cost is deductible, and to what extent if it is. In the UK...
UK Tax Round Up
Proskauer Rose LLP
Welcome to March's edition of our UK Tax Round Up. This month has seen a number of interesting cases covering a range of issues, from the deductibility of costs against employment income...
Foreign Capital Loss Election For Non-Doms
Lubbock Fine
The complex rules for capital gains tax relief for non-domiciled individuals (non-doms) aren't new, although significant proposed changes have been announced to the non-dom regime in the March 2024 Budget...