LNB News 30/10/2024
Document Information
Issue Date: 30 October 2024
Published Date: 30 October 2024
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
In the Autumn Budget 2024, on 30 October 2024, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP announced several measures impacting the environment and energy sectors. These include changes to the Climate Change Levy (CCL) rates, an increase in the Plastic Packaging Tax (PPT) rate, the launch of a consultation on draft supplementary Environmental Impact Assessment (EIA) guidance, (in light of the implications of the recent Finch judgment), tax relief measures for decommissioning payments by oil and gas companies where this is associated with asset transfers to a Carbon Capture Usage and Storage (CCUS) company, reaffirmation of funding for CCUS Track-1 projects and the successful HAR1 green hydrogen projects, funding commitment for the continued new nuclear development of Sizewell C, favourable measures in relation to Electric Vehicles (EVs) and associated charging infrastructure, confirmation that the UK Carbon Border Adjustment Mechanism (UK CBAM) will be introduced from 1 January 2027 and, in respect...
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