Updated environmental taxes notice
HMRC have updated Notice ET1 entitled ‘Notice of requirements to give security for Environmental Taxes’. The notice cancels and replaces the previous version published in August 2010.
The notice covers the circumstances when HMRC may require security for Insurance Premium Tax, Landfill Tax, Aggregates Levy and Climate Change Levy.
The following are examples of when HMRC may require security from businesses:
- Where taxpayers have in a previous or current business, failed to comply with their tax obligations.
- The business is run by disqualified directors or by undischarged bankrupts.
- Taxpayers have previously been prosecuted or penalised for a tax offence.
The notice also explains how much security will be required, the acceptable forms of security and what happens if the security amount is not provided.