Green Taxes

Graham Chase, Tax Partner, CMS

The Chancellor announced:

  • £400 million additional support for offshore wind projects.
  • doubling the funding commitment to support four Carbon Capture and Storage demonstration projects, enabling £14 billion of investment;
  • ensure the UK is ready to face the challenges of the transition to a low carbon economy by creating Infrastructure UK;
  • £140 million of additional venture capital for innovative low-carbon businesses.
  • the Greener Boiler Incentive scheme offering £400 to households with the least efficient working boilers to upgrade to the highest efficiency models, saving households around £230 a year in energy bills;
  • £200 million more for Warm Front and increasing energy company support for the poorest from £150 million to £300 million each year by 2013-14.

In addition enhanced capital allowances are announced for electric vans, as well as reduced company car tax for electric vehicles.

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