Legal Aspects of Biofuel
On 30rg June 2007 the following changes applying to biofuel producers were to be introduced
The Biofuels and Other Fuel Substitutes (Payment of Excise Duties etc) (Amendment) Regulations 2007 (BoFSAR)
- A production threshold of 2,500 litres per annum below which producers will not need to enter premises, submit returns or pay duty
- A reduction in the frequency of returns for all but the largest producers (defined as those producing over 450,000 litres per annum) from monthly to quarterly.
This means that majoity of small producers and home producers on longer have to pay fuel duty on the biofuel they produce. These measured not only simplified the rules and regulations regarding producing biofuel but they also made producing biofuel a lot more appealing to those wishing to save money by using using it.
With fuel prices now rising to well over £1 per litre in may parts of the UK, the cheaper and much more environmentally friendly alternative "biofuel" is bound to become more and more common in today's"carbon footprint" conscious society.
For more information on the changes imposed please see the following links
http://www.hmrc.gov.uk/manuals/hcobigmanual/
http://www.hmrc.gov.uk/briefs/excise-duty/brief4307.htm
