23. November 2023
Autumn Statement 2023 – 4 von 7 Insights
To encourage continued investment in the UK's renewable energy generation, the Chancellor has announced the introduction of a new exemption from the Electricity Generator Levy (EGL). The measure will exempt revenues from new electricity generating investment projects, where the substantive decision to proceed is taken on or after 22 November 2023.
The EGL came into force on 1 January 2023 as a temporary response to unprecedented energy costs in the UK, with the aim of taxing the exceptional receipts of in-scope generating stations. The 45% charge has been legislated to end on 31 March 2028 (or potentially sooner, should market conditions stabilise).
A Technical Note published as part of the Autumn Statement provides an outline of the government's proposals for the new exemption:
Legislation to implement the new exemption will be contained in a future Finance Bill (though not the Autumn Finance Bill 2023 due to be published imminently). HMRC has also promised formal guidance on the measure.
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