Consideration of Bill, not amended in the Committee and the Public Bill Committee.
[Relevant documents:Nineteenth Report of the Treasury Committee of Session 2022–23, Venture Capital, HC 134, and theGovernment response, HC 1876; Sixteenth Report of the Treasury Committee of Session 2022–23, Tax Simplification, HC 1425; Oral evidence taken before the Treasury Committee on 29 November 2023, on the Autumn Statement2023, HC 286; Oral evidence taken before the Treasury Committee on the afternoon of 28 November 2023, on theAutumn Statement 2023, HC 286; Oral evidence taken before the Treasury Committee on the morning of 28 November 2023, on theAutumn Statement 2023, HC 286; Oral evidence taken before the Treasury Committee on 18 November 2023, on the Work of HMRC, HC 783; Correspondence from the Chancellor of the Exchequer to the Treasury Committee, on the AutumnStatement 2023, reported to the House on 9 January 2024; Correspondence from the Financial Secretary to the Treasury to the Treasury Committee, on taxsimplification, reported to the House on 13 December 2023; Correspondence from the Financial Secretary to the Treasury to the Treasury Committee, on taxsimplification, reported to the House on 5 September 2023.]
New Clause 5
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 “relevant” (as in relevant generating station)—
(a) omit the “and” after paragraph (a), and
(b) after paragraph (b) insert “, and
(c) to the extent it is not comprised of qualifying new generating plant (see section 311A);”.
(3) After section 311 insert—
“311A Meaning of “qualifying new generating plant”
(1) Generating plant is “qualifying new generating plant” 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) “Qualifying project” means a project to commission—
(a) new generating plant for—
(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.