HMRC is to introduce regulations to put the existing 'vapour recovery scheme' extra-statutory concession on a statutory footing with effect from 1 April 2017.
HMRC is to introduce regulations to put the existing 'vapour recovery scheme' extra-statutory concession on a statutory footing with effect from 1 April 2017. The draft Hydrocarbon Oil (Vapour Recovery Relief) Regulations 2016 will provide relief from fuel duty to prevent double taxation on unleaded petrol vapour captured and returned to stock during loading at refineries and import terminals. Without this relief, product captured through the vapour-recovery process would be taxed for a second time when later released from the warehouse. HMRC published responses in December 2015 to its consultation on replacing the concession.
HMRC is to introduce regulations to put the existing 'vapour recovery scheme' extra-statutory concession on a statutory footing with effect from 1 April 2017.
HMRC is to introduce regulations to put the existing 'vapour recovery scheme' extra-statutory concession on a statutory footing with effect from 1 April 2017. The draft Hydrocarbon Oil (Vapour Recovery Relief) Regulations 2016 will provide relief from fuel duty to prevent double taxation on unleaded petrol vapour captured and returned to stock during loading at refineries and import terminals. Without this relief, product captured through the vapour-recovery process would be taxed for a second time when later released from the warehouse. HMRC published responses in December 2015 to its consultation on replacing the concession.
