Government raised £40.8bn in green taxes in 2020, six per cent of total

first_imgMonday 10 May 2021 10:25 am (Getty Images) Also Read: Government raised £40.8bn in green taxes in 2020, just six per cent of total Over the last decade, the money raked in by green taxes has only risen 19 per cent which has clashed with the 53 per cent surge in taxes as a whole. whatsapp (Getty Images) Also Read: Government raised £40.8bn in green taxes in 2020, just six per cent of total by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker41 Old Toys That Are Worth More Than Your HouseBleacherBreakerAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsPast Factory”Waltons” Actress Says Magazine Ended Her CareerPast FactoryFactableAluminum Foil Uses You’ll Want to KnowFactableBrake For It40 New Features In The 2021 Ford BroncoBrake For ItDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyLivestlyPlugs Have These Two Holes At The End, Here’s WhyLivestlyMoneyWise.comMechanics Say You Should Avoid These Cars In 2021  MoneyWise.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Ads Tags: Climate change COP26 Net zero UK Oil and Gas Investments “Taxation will play a vital role in driving the UK to its net-zero target. The shrinking share of revenue brought in by green taxes is evidence that the government isn’t yet doing enough to discourage polluting behaviour,” Collins added. Show Comments ▼ Millie Turner (Getty Images) The government has begun mulling reform to Air Passenger Duty (APD), involving cuts on domestic flights and adding extra bands so charges are more closely linked with the emissions created. However, it is not yet clear whether the government has plans to use this reform to raise extra revenue from APD. Head of tax at Pinsent Masons, Jason Collins, said that revenue from environmental taxes remains low and the freezing of key ‘green’ taxes in the government’s budget means it will likely continue to fall. (Getty Images) Also Read: Government raised £40.8bn in green taxes in 2020, just six per cent of total whatsapp Alongside low green tax revenue, Pinsent Masons found that the government gave back only £2.9bn in green tax breaks last year, representing just 7 per cent of the amount raised by green taxes. The current approach to environmental taxes is ‘not enough stick and not enough carrot’, according to Collins, and fails to give businesses a strong incentive push for environmentally friendly investments. Share To commit to climate-positive investments, businesses need certainty over the future of taxation and tax reliefs for environmental issues in the coming years as the net-zero deadline gets nearer, Collins continued. The government raised £40.8bn through ‘green taxes’ last year, just six per cent of the £633bn raised through taxes overall, according to law firm Pinsent Masons. Green Incentive The government has shown a willingness to shape behaviour using taxation, such as the Soft Drinks Levy, but has not yet begun to do this for the 2050 net-zero target, the law firm said. (Getty Images) Also Read: Government raised £40.8bn in green taxes in 2020, just six per cent of total “Tax policy needs a wholesale change to help achieve net-zero. The government needs to address the imbalance between taxes and tax reliefs to not only penalise polluters but reward businesses that invest in green technology to get the UK closer to carbon neutrality.” “The recent cuts to electric vehicle grants is just another example of the government choosing not to incentivise consumers to make green decisions. Over time that kind of decision will make it significantly harder to hit the 2050 target. With polluting investments being increasingly scrutinised by consumers and shareholders, the law firm added that more needs to be done to disincentivise carbon funding and encourage green investment. Government raised £40.8bn in green taxes in 2020, just six per cent of total last_img

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