- The UK government has published draft regulations for the Carbon Border Adjustment Mechanism (CBAM), set to start on 1 January 2027.
- CBAM will apply a charge to specified imported goods in the aluminium, cement, fertiliser, hydrogen, and iron and steel sectors, payable by importers.
- Importers must register with HMRC if their CBAM-related imports meet or exceed a £50,000 threshold.
- The first CBAM accounting period runs from 1 January to 31 December 2027, with returns and payments due by 31 May 2028.
- The government is consulting on the draft regulations, covering registration, tax returns, reimbursements, goods weight, and record keeping, with feedback due by 24 March 2026.
Source: icaew.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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