There is an urgent need for a complete overhaul of the current system of taxation to protect the Treasury’s revenue whilst driving down emissions, writes Sheena McGuinness (RSM).
On 27 June 2019 the UK became the first major economy in the world to pass laws to end its contribution to global warming by 2050. This net zero target means there will have to be huge changes to many systems. One of the primary levers that the government (and more specifically the chancellor) have at their disposal to effect change is the tax system. This will have to undergo a fundamental overhaul in order to come even close to meeting the net zero aspirations.
Brave new world
Tackling a global climate change emergency will be a significant undertaking. Simply tweaking the current taxation system around the edges and bolting on quick fixes will not deliver a carbon neutral future....
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There is an urgent need for a complete overhaul of the current system of taxation to protect the Treasury’s revenue whilst driving down emissions, writes Sheena McGuinness (RSM).
On 27 June 2019 the UK became the first major economy in the world to pass laws to end its contribution to global warming by 2050. This net zero target means there will have to be huge changes to many systems. One of the primary levers that the government (and more specifically the chancellor) have at their disposal to effect change is the tax system. This will have to undergo a fundamental overhaul in order to come even close to meeting the net zero aspirations.
Brave new world
Tackling a global climate change emergency will be a significant undertaking. Simply tweaking the current taxation system around the edges and bolting on quick fixes will not deliver a carbon neutral future....
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
