Green levies to make up increased share of tax revenue

AN INCREASED PROPORTION of tax revenues will come from environmental levies and taxes as the UK moves to a more green economy, according to a report published today.

The business, energy and environment secretaries released their “Enabling the Transition to a Green Economy” today, which indicates the government’s expectation that green taxes will grow as a percentage of overall revenues, The Financial Times reports.

“The government will increase the proportion of tax revenue accounted for by environmental taxes targeting measures to maximise opportunities for green growth in the UK,” said the paper.

Businesses already face a variety of environmental charges such as; the Climate Change Levy on electricity use; Carbon Reduction Commitment, which requires companies to pay for energy related emissions; and the Emissions Trading Scheme, for energy intensive companies that are supplied carbon credits and can trade unused ones on an open market.

Environment secretary Caroline Spelman, (pictured) said a green economy would offer “huge opportunities for British businesses”.

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