At Autumn Statement 2015 the Government announced a number of changes to the Landfill Communities Fund (LCF).
The draft statutory instrument amending the Landfill Tax Regulations 1996 has been published on 9 December 2015 which will:
- set the cap on contributions by landfill operators at 4.2%
- remove the provision that allows a qualifying contribution to be invested for the purpose of generating interest
- remove object (f) which allows LCF funds to be used for the provision of financial and other services from one EB to another
- remove the provision for contributing third parties and ensures that landfill operators pay 10% of qualifying contributions
- restrict the length of time records need to be retained to 6 year.
A tax information and impact note has also been published.
Any comment on this draft should be sent to Daniel Taylor by email: Daniel.Taylor@hmrc.gsi.gov.uk by 3 February 2016