United Kingdom Tax Agency Issues Policy Paper on Electricity Generator Levy Rate Increase

The United Kingdom HM Revenue and Customs May 6 issued a policy paper on the electricity generator levy (EGL) rate increase. The policy paper includes that: 1) the increase to 55 percent, from 45 percent, in the EGL rate will apply to receipts attributable to electricity from specified generators, from July 1; 2) the EGL is charged on receipts attributable to a qualifying period corresponding to a corporation tax accounting period; 3) receipts must be apportioned for qualifying periods that start before, and end after, the July 1 effective date, with the amount for each part of the period charged ...