Page 6 - BOSS Today Issue 51

BOSS Today #51 NEWS

BOSS Federation @BOSS_Fed

PLASTIC PACKAGING TAX

s you may be aware, the government Please see below the relevant paragraphs
Awill be introducing a Plastic from the legislation:
Packaging Tax in April 2022 for plastic
items that do not contain a minimum 48 Meaning of “plastic packaging
of 30% recycled content. The tax will be component”
levied at the rate of £200 per tonne. (3) A “plastic packaging component” is
With our partner, BPIF we have a packaging component that contains
lobbied to ensure that cartons were more plastic, when measured by weight,
not subject to the tax, and we are than any other single substance listed in
pleased to say that in the recently- regulations under subsection (7)(a).
published Finance (no 2) Bill it appears
that polycoated cartons/metpol etc 49 Meaning of “plastic” and “recycled
will not be covered by the UK Plastics plastic”
Packaging Tax. However, a carton with (1) “Plastic” means a material consisting
a very large window could potentially of a polymer, other than a cellulose-based
be subject to the tax if the plastic polymer that has not been chemically
element makes it the predominant modified, to which additives or other
material. substances may have been added.

Government Lending Schemes to Business

here is a brief summary of what you need to know:

The Recovery Loan Scheme will be available between £1,000 For further information, see the
From 6 April 2021, businesses of and £10 million per business. government’s guidance:
any size will be able to apply for the n Finance terms are up to six years https://www.gov.uk/guidance/
new recovery loan scheme. Loans for term loans and asset finance recovery-loan-scheme
of up to £10 million will be available facilities. Terms will be up to three
and can be used for any legitimate years for overdrafts and invoice
business purpose, including supporting finance facilities.
growth and investment. This new n No personal guarantees will be
loan scheme will remain open until 31 taken on facilities up to £250,000,
December 2021. The key conditions and a borrower’s principal private
are as follows: residence cannot be taken as
security.
n The government will guarantee 80% n Businesses that have already Business Support Finder
of the finance to the lender. obtained support from existing Use the Government’s business
n Term loans and overdrafts will be Coronavirus support schemes will support finder to see what other
available between £25,001 and £10 still be eligible to apply for loans support is available for your business:
million per business. under the new scheme. https://www.gov.uk/business-
n Invoice finance and asset finance coronavirus-support-finder/

6 6 6