A series of frustrated Lewis pairs (FLPs) based on the Lewis acids tris(perchloroaryl)borane (BAr^Cl), and tris(2,2′,2′′-perfluorobiphenyl)borane (PBB) and trialkylphosphines were prepared; their ability to effect the heterolytic cleavage of dihydrogen, insert carbon dioxide into the borohydride, and reduce the resulting formatoborate to methanol were studied. Additionally, the insertion of CO₂ into a B–OH bond is explored with the ultimate aim of developing a homogeneous, catalytic preparation of carbonates. The compound [PBB–OH][H–P(^tBu)₃] was characterised by single crystal X-ray crystallography.