HMRC has published draft legislation and a new policy paper on the electricity generator levy. The draft legislation will introduce a tax on exceptional electricity generation receipts of qualifying generating undertakings from 1 January 2023 to 31 March 2028. The electrical generator levy was announced at Autumn Statement 2022 and will be a temporary 45% charge on exceptional receipts generated from the production of wholesale electricity. The legislation is expected to be included in the Spring 2023 Finance Bill.
HMRC has also published various explanatory notes alongside the draft legislation.
HMRC has published draft legislation and a new policy paper on the electricity generator levy. The draft legislation will introduce a tax on exceptional electricity generation receipts of qualifying generating undertakings from 1 January 2023 to 31 March 2028. The electrical generator levy was announced at Autumn Statement 2022 and will be a temporary 45% charge on exceptional receipts generated from the production of wholesale electricity. The legislation is expected to be included in the Spring 2023 Finance Bill.
HMRC has also published various explanatory notes alongside the draft legislation.
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