Draft legislation accessible version
Published 18 December 2023
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1. 1 Electricity generator levy: new investment exemption
(1) Part 5 of F(No.2)A 2023 (electricity generator levy) is amended as follows.
(2) In section 280 (key concepts), in subsection (1), in the definition of 鈥渞elevant鈥� (as in relevant generating station)鈥�
(a) omit the 鈥渁nd鈥� after paragraph (a), and
(b) after paragraph (b) insert 鈥�, and
(c) to the extent it is not comprised of qualifying new generating plant (see section 311A);鈥�.
(3) After section 311 insert鈥�
1.1 鈥�311A Meaning of 鈥渜ualifying new generating plant鈥�
(1) Generating plant is 鈥渜ualifying new generating plant鈥� if it is new generating plant commissioned as part of a qualifying project that meets the new investment condition.
(2) The new investment condition is met in relation to a qualifying project if on 21 November 2023 it was reasonable to conclude, having regard to all of the circumstances, that there is a significant likelihood of the project not proceeding.
(3) The Treasury may by regulations provide for cases in which qualifying projects are to be treated as meeting the new investment condition.
(4) 鈥淨ualifying project鈥� means a project to commission鈥�
(a) new generating plant for鈥�
(i) a new generating station, or
(ii) an existing generating station which (as a result of the project) is to be wholly or substantially comprised of new generating plant, or
(b) new generating plant that increases the generating capacity of an existing generating station.
(5) Subsection (6) applies where new generating plant that increases the generating capacity of an existing generating station replaces existing generating plant.
(6) Only so much of the new generating plant as represents generating capacity in excess of the capacity of the generating plant it replaces is to be regarded as qualifying new generating plant.鈥�
(4) In section 313 (definitions in this Part), in the table, at the appropriate place insert鈥�
鈥渜ualifying new generating plant section 311A鈥�.