The latest figures from the UK's Department for Environment, Food & Rural Affairs (Defra) have indicated that Plastic Packaging Tax (PPT) revenue in the country for the financial year 2023 to 2024 (FY23-24) amounted to £268m ($345.65m).
This marks a 6% decrease from the £285m recorded in FY22-23.
The tax, introduced to encourage the use of recycled plastic, saw 42% of the total tonnage of plastic packaging manufactured in and imported into the UK declared as taxable in the period.
During the same period, 46% of the non-taxable plastic packaging tonnage contained at least 30% recycled plastic while 11% was either exported, intended for export, or converted.
Less than 1% of plastic packaging tonnage was tax-exempt as it was used for the immediate packaging of human medicines.
The PPT, announced in the UK's 2018 budget, aims to incentivise the use of recycled content in packaging and boost the recycling and collection of plastic waste.
The tax applies to plastic packaging produced in the UK or imported with less than 30% recycled content, including packaging already filled upon import.
With the PPT becoming effective on 1 April 2022, the initial returns for April to June 2022 were submitted by July 2022.
The tax was initially set at £200 per tonne for FY22-23.
However, from 1 April 2024, the PPT rate was adjusted to £217.85 per tonne, in line with the consumer price index inflation forecast by the Office for Budget Responsibility.
As of 24 July 2024, there were 4,669 businesses registered for the PPT.
