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Cautious welcome for carbon border adjustment mechanism

24 June 2024
Issue: 4942 / Categories: News

The proposed introduction of a UK carbon border adjustment mechanism (CBAM) received a cautious welcome from the ATT the CIOT and the ICAEW.

The Treasury and HMRC consultation proposed that a CBAM would impose a tax charge effective from 1 January 2027 on seven types of goods arriving in the UK including fertilisers cement and aluminium based on their embedded greenhouse gas emissions. Affected importers will either report those emissions based on ‘default values’ set by the government for each commodity type or by calculating the actual emissions produced in creating the goods. The aim is to level the playing field with domestic production and to encourage greener manufacturing. 

Mark Feldman co-chair of the joint CIOT/ATT climate change working group said: ‘Most importers affected are likely to initially use default values at...

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