BRITIAN REMOVES TAX EXEMPTION FOR RENEWABLES

07/13/2015

British Chancellor George Osborne announced that the government would terminate tax exemptions under the Climate Change Levy for renewable energy use beginning August 1, 2015. Since 2001, industrial users of energy derived from renewable sources have not paid taxes on that electricity. Osborne called the exemption "outdated" and claimed U.K. citizens were subsidizing too much foreign energy production. During the same budget announcement, Osborne also revealed that the government will allow more North Sea oil and gas exploration, and touted the sovereign wealth fund designed to benefit communities affected by shale gas recovery. For the full story, see http://uk.reuters.com/article/2015/07/08/uk-britain-economy-budget-energy-idUKKCN0PI1N820150708.