Energy group SSE wins battle with taxman over Scottish power plant
Angus Walker Partner
In a decision that may encourage investment in renewable energy, SSE has prevailed in a dispute with the UK tax authorities over how it treats investments in power plants.
The UK Supreme Court has ruled that the FTSE-listed energy company was entitled to claim capital allowances on about £200 million of spending on the Glendoe hydroelectric plant above Loch Ness in Scotland.
In articles for the Financial Times, Infrastructure Intelligence and Utility Week, partner Angus Walker explains how this decision could bolster confidence in the renewable sector. In Infrastructure Intelligence Angus states,
‘This judgment is good news for investment in British renewable energy projects.
If the UK is going to reach net zero and ensure the country has sufficient energy capacity, it’s vital that potential investors know that the tax regime will not penalise them unfairly.
The government might consider clarifying the Capital Allowances Act 2001 so that there does not need to be 14 years of wrangling over a project opened by the Queen in 2009.’
The full articles are available to read on the Financial Times, Infrastructure Intelligence (subscriber only) and Utility Week websites.
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