Terminal Markets Order

The measure

The government will update the legislation for the VAT Terminal Markets Order (TMO) to allow for further reform, including bringing trade in carbon credits within the scope of the TMO. This is part of the government’s broader commitment to update the TMO legislation. A summary of responses to a consultation on reforming the TMO (published in 2023), will be published “in due course”.

Who will be affected?

Members of relevant commodity exchanges and market associations.

When will the measure come into effect?

The government will introduce legislation in the Spring Finance Bill 2024 which will take effect from the date of Royal Assent.