UK BUDGET Brown offers carbon trading tax break as lure to foreign investors |
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Published
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Wed, 21 Mar 2007 18:20
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LONDON (AFX) - Chancellor of the Exchequer Gordon Brown has sought to encourage non-UK investors to trade carbon through UK investment firms by exempting them from UK duties.The measures, which were announced as part of today's Budget, will allow non-UK investors to engage in carbon trading through UK investment management firms without being subject to UK income and corporation tax.A Treasury spokesman said there has been increasing demand for the new measures from non-UK investors.The move follows comments in a speech made earlier this month by Brown in which he said he wanted London to become the home of a global carbon trading market which he thinks could have a value of 100 bln usd.Mark Campanale, associate director at London Bridge Capital, said the tax break was a concrete step towards achieving that goal: 'The signal it sends out is that the government wants London to be seen as the centre for international carbon trading.''It's also a political signal to the US that the government is using market-based solutions to climate change and they want the US to get on board,' he added.james.molony@thomson.comjdm/jad/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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UK's Brown wants carbon trading bourse based in London 