Last year we
commented on the change made to this relief which significantly
restricted it to:
sites (producing heat or power from biomass, biofuels, fuel
cells, photovoltaics, water, wind, solar and geothermal sources)
where there are arrangements in place entitling at least one
community organisation to at least: (a) 15% of its annual profit or
(b) an amount of the annual profit as is attributable to 1MW of the
total installed capacity of the project in respect of which
reductions of between 2.5% and 100% in business rates could still
be obtained depending on the rateable value (see table undernoted);
new qualifying projects (i.e. those which were first entered
onto the valuation roll for rates' purposes on or after 1st
April 2016) which attracted a lesser reduction of 10% where the
value of the relevant land is £500,000 or less and 1.5% in
any other instance.
New regulations which took effect on 1st April 2017 have
slightly improved the relief in both scenarios as follows:
in relation to the first scenario as set out at 1 above, the
relevant amount of annual profit for community organisations has
been reduced from 1MW to 0.5MWs of the total installed capacity of
the project; and
for new qualifying projects, an additional relief has been
introduced whereby sites used solely for the generation of
renewable heat or power (or both) from water (including waves and
tides but excluding production from the pumped storage of water)
having a total installed capacity of up to 1MW can obtain a 25%
reduction from business rates.
If you would like to learn more about these changes or have any
questions then please contact Laura
Tainsh in our renewables team on 0131 625 9191.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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This short note is to introduce two detailed papers that discuss the justification for the development of an Asian LNG reference price that is not benchmarked against the current ‘Japanese Crude Cocktail' and suggests an approach to how that might be achieved. A short summary of the two papers is provided below.
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