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What does the law say about scrap metal for cash?

what does the law say about scrap metal for cashLike many different industries the scrap metal industry has rules and regulations to abide by. Here at LSPS we follow strictly all the key legislation surrounding the metal trade. Here we will explain some of the rules surrounding scrap metal and payment for scrap metal.

Paying for scrap metal

Whereas in the past recyclers would pay in cash for scrap metal, new legislation introduced in 2013 now means that metal must be paid for either electronically or by cheque. This is in an effort to provide a paper trail for any investigations by authorities into dealings. Traders who buy and sell scrap metal for cash now face £5,000 fines should they pay for goods in cash.

Metal theft costs the UK economy around £220 million a year and the theft of scrap metal has serious consequences not only for owners of private property but can also disrupt public amenities like railways, telecommunication networks and more. The new laws are helping to curb scrap metal theft.

The new laws mean that scrap metal dealers are required to verify the details of the seller at the point of sale documenting their name and address and keeping it on file and dealers must sign a national register. Trading without registering is a criminal offence. These new laws protect consumers as they link every sale with physical proof, which means stolen goods such as cars can be tracked down.

Here at LSPS we have years of experience in scrap metal and waste management. We are one of Leicestershire's largest independent ferrous and non-ferrous metal recyclers equipped with our own electronic 50 tonne weighbridge. We are keen to buy all grades of ferrous metals for recycling and offer extremely competitive prices.

To make sure our customers receive the fairest price possible our ferrous and non-ferrous metal rates are linked to the The Metal Bulletin - a trading and pricing system for the global metals industry. For the most up to date prices you can also call us on 0800 083 7807.

To find out more please contact LSPS today on 0800 083 7807 for competitive prices or alternatively simply visit us today with your scrap metal.

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