Initial reports indicated that registrations for the self-assessment tax have been significantly lower than anticipated. Nonetheless, PPT still looks set to generate revenue of around HMRC’s estimated £235 million in the first year (potentially slightly more in fact). This suggests that more companies are choosing to, or having to, pay PPT rather than meet the 30% recycled content threshold, and may indicate issues around availability of recycled content.
HMRC recently announced a package of measures intended to simplify the tax system, and to make a key reform to the PPT to encourage investment in chemical recycling.
