Land sold for bungalow scheme in Coalville
Nottingham-headquartered solicitors joins Amputation Foundation legal panel
Outstanding East Midlands businesswomen to be celebrated at ceremony
Wood recycling company fined following collision death
Second sub-letting completed at Discovery House
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Plastic packaging tax working as receipts fall 6% since last year
The number of companies registered to pay the tax rose very slightly by 527, now standing at 4669.
The tax was announced in the Budget in 2018 and officially introduced in April 2022, making this the first year the statistics could be compared. The tax applies to manufacturers and importers of plastic packaging components which contain less than 30% recycled plastic.
Those whose packaging contains the 30% recycled plastic content are exempt but must still register with HMRC and prove the 30% threshold has been met.
Chris Morgan, Tax Director at BDO, said: “This is still a fairly new tax, with many businesses still getting their heads around the details. “Many businesses who technically fall into the net will be overseas entities, importing goods into the UK and there is a chance that the very small increase of just 527 companies registered to pay the tax means some are falling through HMRC’s net. “The fact that there has been a 22% fall in plastic packaging imported into the UK may indicate that importers are switching to other packaging to reduce their exposure to PPT.
“The 6% decrease in the value of receipts collected is likely a result of several factors.
More businesses are investing in their supply chains to ensure their packaging meets the 30% minimum recycled materials threshold or ensuring they can prove this to HMRC. “However, it’s worth remembering that the PPT charged per tonne of plastic has increased by inflation, so without that, the decrease in revenue would likely be significantly higher.
“We can see from these stats that the actual tonnage of taxable plastic packaging has decreased by around 12%, but the tonnage declared with 30% or more recycled plastic, has increased by 6%.
“While this is a good start, looking ahead, the new Labour Government will want to ensure they keep up the pressure on businesses using plastic packaging. As well as increasing the charge each year, this may involve trying to ensure more overseas businesses are aware of the tax and informed of their obligations to register, even if they are exempt. “There is also a strong chance that the government will impose incremental increases to the 30% recycled plastic threshold, putting further pressure on businesses reduce the use of virgin plastic.”
University of Nottingham engineering alumni secure funding for device lowering food & beverage industry emissions
- Reduction in energy bills, due to lower reliance on the National Grid for electrical power;
- Reduction in carbon emissions, because the Biofuel Cell produces direct electricity through a zero-carbon biological process;
- Resilient source of energy year-round independent of weather, because the Biofuel Cell relies on a customer waste, and not wind, sunlight or sludge shipments, to operate.
Council support helps manufacturer secure £3m contract
Destination Chesterfield welcomes eight new board members
- Ann Fomukong-Boden, Owner, Kakou CIC
- Andrew Dabbs, Director, Whittam Cox Architects
- Nick Hogan, Owner, Chesterfield Escape Rooms
- Dominic Staniforth, Partner, BHP LLP
- Ryan Wilkes, Director of Owner Managed Business, Shorts Chartered Accountants
- James Borkoles, Head of Business Development, University of Derby
- Andrew Byrne, Property Development Director, Devonshire Group
- Nick Catt, Managing Director, Weightron Bilanciai