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Eversheds comment: Budget 2016 - CRC abolishment welcomed by business

  • United Kingdom

    16-03-2016

    On news from today's UK Budget that revealed the Carbon Reduction Commitment (CRC) scheme is to be abolished, Jane Southworth, legal director in the environmental team at Eversheds, comments:

    "When the CRC Scheme was first introduced its complexity was justified by the fact that businesses would receive money back in the form of a recycling payment. However, from the point when the government changed its plans and retained the revenue raised through the sale of allowances, the scheme has been a tax in all but name. No doubt businesses will welcome this move, which should reduce their administrative burdens – even if it proves to be cost neutral."

     

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