UK tax forms

Electricity Generator Levy

The
Electricity generator levy
sheet calculates tax payable on exceptional receipts from the production of wholesale electricity. You can develop the sheet into the tax computation of the lead member of a group within the scope of the levy.
When you complete the sheet, it determines if the undertaking has
Exceptional generation receipts
 to which the levy is applied.
This is a unique optional sheet and has no standard supporting sheets.

Completing the sheet

You enter all amounts for calculation of the Electricity generator levy directly onto this sheet. There are no links from the Income statement.
To calculate
Exceptional generation receipts
, enter the following:
  • Generation receipts attributed to generating undertaking
    .
  • Generation receipts that are not exceptional
    .
    • In the
      Generation receipts that are not exceptional
       table after the main calculation, enter the electricity in megawatt hours that was generated in the period. Where this is lower than the levy threshold, the sheet won’t calculate generation receipts and the levy won't apply to the undertaking for that period.
    • Where the period includes a change in the benchmark price, you'll need to split the electricity generated across the relevant benchmark price rows. This will ensure that the generation receipts are correctly calculated by multiplying the correct benchmark price by the amount of electricity generated in that same period.
  • Allowable costs
    : Enter each type of cost.
  • Adjustments
     (for example, in respect of joint ventures).
The
Revenue allowance attributed to generating undertaking
 is automatically deducted to calculate the
Exceptional generation receipts
 to which the levy is applied.

This article applies to:

  • PRODUCT: ONESOURCE Corporate Tax