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BUDGET 2008 NEWS |
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Other indirect taxes Landfill tax See TM ¶9830 Rates rise again The Chancellor has increased the standard rate of Landfill tax to £40/tonne with effect from 1 April 2009. The rate is set to rise to £32/tonne on 1 April 2008, therefore with the additional rise it represents a 66% increase in two years. The increase will be held out as another example of the government’s green credentials, however this will put pressure on Council tax, and may be behind the decision by a number of councils to move to fortnightly rubbish collections.
Exemption for waste from contaminated land The exemption for waste from cleaning contaminated land disposed of at landfill is to be removed. The deadline for submitting applications to gain approval for exemption is 30 November 2008. The waste which has been granted exemption has to be disposed of by 31 March 2012, otherwise it will be subject to Landfill tax at the appropriate rate.
Environmental bodies credit scheme The maximum credit available to landfill site operators is to be reduced from 6.6% to 6%. There will also be a change of procedure with HMRC taking over the monitoring of the environmental bodies from ENTRUST. It is also proposed that the bodies will have 28 days to provide information to HMRC, rather than the 14 days they currently have.
Insurance premium tax Overseas insurers See TM ¶9806 It was announced that the compulsory requirement for an overseas insurer to appoint a tax representative is to be removed. The overseas insurer will still be required to register for IPT, and may still appoint an agent however the agent will no longer be held jointly and severally liable for the insurers IPT liability.
The budget proposals also provided for the restriction of HMRC’s ability to assess the insured party for IPT due when the insurer is located outside the EU and covered by a mutual assistance directive or equivalent. HMRC will still be able to assess the insured party when the insurer is based outside the EU and not covered by a mutual assistance directive or equivalent.
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