Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Wind farm developer in judicial review bid against UK government over ‘windfall tax’ plans

by December 28, 2022
December 28, 2022
Wind farm developer in judicial review bid against UK government over ‘windfall tax’ plans

A Cheshire wind farm developer has threatened to sue the UK government over its plans to impose a ‘windfall tax’ on renewables companies.

Community Windpower – which owns 1.5 GW of UK wind generation capacity – has said it will take legal action to block the UK’s Electricity Generator Levy.

The temporary tax imposes a 45 per cent levy on “exceptional receipts” of more than £10m generated by selling wholseale electricity at average prices exceeding £75 per MWh.

Community Windpower has instructed London law firm Mishcon de Reya in its bid to block the new levy by way of judicial review.

Mishcon de Reya has written to the UK government, warning them they will take legal action if they push forwards with the levy, on the basis that the new tax contravenes the government’s own Net Zero strategy.

Mishcon partner Alexander Rhodes said: “The way this levy has been designed is completely at odds with the Government’s own stated objectives to transition the UK to a net zero economy and develop a secure supply of clean energy.”

“This levy cuts across those ambitions, contrary to the Government’s own legislated goals and legal responsibilities,” Rhodes said.

The new levy on electricity producers is set to come into force on 1st January 2023, after first being announced in the Autumn statement, and remain in place until 31st March 2028.

The UK government’s announcement of the Electricity Generator Levy comes after it vowed to impose a 35 per cent windfall tax on profits from the oil and gas sector from 1 January 2023 to 31 March 2028.

Community Windpower’s managing director Rod Wood called the new levy “a smash and grab raid on renewables that will pull the rug out from under the UK’s efforts to cut carbon, cut consumer bills and bring on energy security.”

““This measure not only leaves Ministers’ green credentials in shreds, it will also suck hundreds of millions of pounds out of investment in green energy, hammering renewable industries and costing high quality jobs,” Wood said.

“Legal action is a last resort, but the levy proposals quietly slipped out ahead of Christmas are worse than we feared,” Wood added.

“Despite forceful representations made directly to Government over the past two months, Ministers have remained immune to reason.”

Read more:
Wind farm developer in judicial review bid against UK government over ‘windfall tax’ plans

0
FacebookTwitterGoogle +Pinterest
previous post
Arizona judge orders Republican Kari Lake to pay $33K in fees to Democratic Gov.-elect Katie Hobbs
next post
Get Ahead of the Curve: What Business Insurance Trends to Expect in 2023

You may also like

UK economy to remain worst-performing of top nations...

April 11, 2023

Smart Buildings Made Simple: The Power of Building...

September 13, 2024

Recession to last until the summer

October 17, 2022

10 Tips For Better Investments

September 2, 2023

Number of house sales this year forecast to...

August 30, 2023

The Ivy faces legal challenge from waiter over...

August 9, 2025

Three quarters of UK workforce experiencing severe stress

November 3, 2022

Clouds of flavour: the diverse tastes of the...

February 7, 2024

Blockchain and the Complexities of Data Ownership

July 17, 2023

Next UK government to benefit from easing inflation...

July 3, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • National Wealth Fund commits £200m to UK battery storage push

      August 28, 2025
    • XRP price prediction hits new highs, GMO Miner helps you earn $6,800 a day

      August 28, 2025
    • West End retailers lose £310m from VAT-free shopping ban in first half of year

      August 28, 2025
    • Dollar slips as Trump moves to sack Fed governor Lisa Cook in unprecedented clash over central bank independence

      August 28, 2025
    • CDC Director Susan Monarez refuses to be fired as other officials call it quits

      August 28, 2025
    • Bill Gates met with Trump to talk ‘importance of US global health programs and health research’: spox

      August 28, 2025

    Categories

    • Business (8,901)
    • Investing (2,246)
    • Politics (16,503)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved