The Treasury has taken pro active measures against the possibility of a major VAT fraud occurring, wrt trading in carbon credits, by zero rating carbon credits.
Fraud in this area so far is estimated to have cost the Treasury a few hundred million pounds.
The fraud occurs when a fraudulent trader sells on carbon credits (bought at no VAT cost from a European supplier) to a UK business with VAT added. The fraudulent trader then pockets the VAT, and disappears without paying the VAT to HMRC.
The action taken by the Treasury is without the approval of the EU parliament, which is normally required for changes in VAT.
Tax does have to be taxing.
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