Just 992 UK businesses have registered for the plastic packaging tax in the first month of registrations says multinational law firm Pinsent Masons. This is despite HMRC’s on estimates suggesting as many as 20 000 businesses would be affected.
The tax is payable by UK businesses which will manufacture or import ten tonnes or more of plastic packaging in the year from 1 April 2022.
Due to the way the threshold works it is only the largest suppliers that needed to register in April but this still seems a surprisingly low number. The firm says that it may put into doubt HMRC’s forecast of £235m in revenue from the first year of the tax. If businesses that should be paying the tax are not they may incur substantial penalties.
Pinsent Masons says one reason why so few businesses have signed up may be...
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