BNG update 鈥 BNG and tax implications: Government call for evidence
Further to our recent article , Biodiversity Net Gain (鈥淏NG鈥) is a concept that aims to leave the natural environment in a measurably better state than it was in beforehand 鈥 and is expected to become a lawful requirement for major developments later this year (November 2023).
澳门六合彩资料 have been monitoring developments closely, and note the Government鈥檚 is now live.
The outcome of this consultation could potentially be significant for landowners seeking to deliver BNG on their land 鈥 as concerns have previously been expressed on the tax implications that could arise when land is committed long term (30+ years) to deliver BNG. (The outcome could also be significant for other environmental markets or land management schemes).
Interestingly, the published by the Government last month did confirm that 鈥淲ork is underway to provide guidance on the tax implications for habitat creation or enhancement鈥, and it would appear that this newly released consultation and call for evidence is part of the work alluded to.
The consultation and call for evidence states: 鈥The government has supported the development of robust market mechanisms for investing in nature. This includes established schemes like the UK Woodland Carbon Code and UK Peatland Code as well as the forthcoming Biodiversity Net Gain scheme for England鈥 As nature markets grow in maturity and scale with a range of new projects, there will be uncertainties which arise in respect of their taxation, such as the interaction of existing rules on the taxation of farming and woodlands, or questions which arise from the taxation of land use鈥 The scope of the call for evidence is predominantly on the production and sale of units which are generated by ecosystem service projects, rather than any potential secondary market tax issues鈥.
Full details of the consultation and how to submit a response can be found .
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