United Kingdom

Finance Act 2020

Legislative

Law

Passed in

The Finance Act 2020 makes several provisions for changes to the UK's existing carbon tax and carbon pricing regimes. In particular, it brings into force changes to the rates of the Climate Change Levy previously announced by the Government.

The changes to the Climate Change Levy reflect the changes in the fuel mix used in electricity generation and the increase in rates seeks to recover tax revenues lost due to the closing of the Carbon Reduction Committment (CRC) Energy Efficient Scheme.

Schedule 12 of the Act also modified a number of provisions of UK law relating to Monitoring, Reporting and Verification for the purposes of Carbon taxes following the UK withdrawal from the European Union.

Documents

Full text legislation (English)