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1671713

registered interest
date	21/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Renewable Energy: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to use revenue generated by new North Sea oil and gas licensing to fund green energy initiatives.
tabling member constituency	Birmingham, Hall Green
tabling member printed	Tahir Ali
uin	2943
answer	answer is ministerial correction date of answer 29/11/2023 answer text <p>The Government is of the view that spending and taxation decisions should be made separately to avoid limiting the ability to manage the public finances flexibly.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 29/11/2023 15:04:40 answering member 4850 label Biography information for Gareth Davies
tabling member	4747 label Biography information for Tahir Ali

1486763

registered interest
date	05/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Renewable Energy: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to update the investment allowance to support lower-carbon technologies.
tabling member printed	Lord Taylor of Warwick
uin	HL1513
answer	answer is ministerial correction date of answer 19/07/2022 answer text <p>The Energy Profit’s Levy investment allowance will be calculated in the same way as the investment allowance for the existing Supplementary Charge. However, unlike the Supplementary Charge, it will be available to companies at the point of investment. This makes it both more immediate and more generous.</p><p> </p><p>Since the Levy is targeted at the extraordinary profits from oil and gas upstream activities, it makes sense that any relief for investment must also be related to oil and gas upstream activities. Such spending can be used to decarbonise oil and gas production, for example, through electrification. Therefore, any capital expenditure on electrification, as long as it relates to specific oil activities within the ringfence, will qualify for the allowance.</p> answering member printed Baroness Penn question first answered 19/07/2022 11:57:45 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick