ARTICLE · 26 MARCH 2010

UK Budget 2010 – Energy Sector Update

Barlow Lyde & Gilbert LLP

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At Budget 2009, the Government announced that capital expenditure on cushion gas that functions as plant, in gas storage facilities, qualifies for plant and machinery allowances, but said it would discuss with industry certain technical revenue protection issues arising from such treatment.

United KingdomTax

Ray Smith

Humphrey Douglas

Charlotte Marfleet

The Budget 2010, Securing the recovery, was delivered by the Chancellor on 24 March 2010. The Budget included the following announcements which are important for the energy sector.

Capital allowances: plant and machinery: cushion gas

Legislation will be introduced in the Finance Bill 2010 to treat:

All leases of cushion gas as "long funding leases" for capital allowance purposes; and

All expenditure on cushion gas as "special rate expenditure", qualifying for writing-down allowances at 10 per cent per year.

These changes will apply to leases commencing, and expenditure incurred, on or after 1 April 2010.

Comment

At Budget 2009, the Government announced that capital expenditure on cushion gas that functions as plant, in gas storage facilities, qualifies for plant and machinery allowances, but said it would discuss with industry certain technical revenue protection issues arising from such treatment. Following the 2009 announcement, it was

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