Explanatory note
(This note is not part of the Regulations)
The Regulations make amendments to the Landfill Tax Regulations 1996 (S.I. 1996/1527), as amended, in order to make changes to the operation of the Landfill Communities Fund (the ‘LCF’). The changes made by these Regulations will only apply to payments made to approved bodies on or after 1st April 2016.
These Regulations, first, reduce the maximum amount of credit that a registered person may receive in respect of LCF contributions in any contribution year (being a year commencing on 1st April). Secondly, the Regulations prevent registered persons making payments to approved bodies on condition that the sums paid may only be invested in order to generate interest. Thirdly, these Regulations preclude approved bodies from providing financial and other services to other such bodies. Fourthly, the Regulations amend the requirements on approved bodies to retain records made in the course of the operation of the LCF.
A Tax Information and Impact Note covering this instrument was published on 9th December 2015 alongside a draft of this instrument. This has been updated as a result of changes to the impacts as a result of this instrument and is available on the gov.uk website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.