UK tax change will hit energy distributors first, end-customers likely to follow
UK Chancellor George Osborne has just revealed plans to implement a significant change in tax rules, designed specifically to prevent businesses claiming capital allowances for costs met by other firms, a news report reveals, with gas and electricity distributors being directly affected.
The draft legislation will be included in the current Finance Bill and has been drawn up in order to prevent companies from making new claims for historic costs that have already been paid by their business customers.
Apparently, this is quite a serious issues, and the HMRC estimates that the claims could have resulted in up to £900m in lost taxes. The Treasury says that utility companies have claimed £50m in capital allowances since January, using a very complex legal argument to claim what is a legitimate tax allowance designed to help the economy.
Unfortunately, since in most situations, additional costs incurred by energy suppliers are immediately carried over to the customers’ bills, this move by the UK government might actually translate into a further increase of utility bills for households and companies alike.
For this reason, if you’re already considering implementing a solution that will allow you to save on your energy bills, then this is the right time to act, and HeatingSave is the best solution for this job, given the fact that it enables users to save up to 20 to 30 percent on their gas and electricity bills.
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