Explanatory note

These Regulations amend Part 7 of the Landfill Tax Regulations 1996 by extending the definition of income in Regulation 30(1). This amendment provides that “income” includes interest or, by proportion, any proceeds attributable to the initial acquisition and disposal of an asset (or part of an asset) purchased with a qualifying contribution (or part of a qualifying contribution), or any proceeds attributable to any subsequent acquisition and disposal of an asset (or part of an asset) purchased with the proceeds (or part of the proceeds) of (1) the initial acquisition and disposal representing the original qualifying contribution or (2) any subsequent acquisition and disposal representing the original qualifying contributions, through any number of transactions.

A full impact assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.