EPL changes in Finance Bill 2024/2025

The Third reading of the Finance Bill 2024/25 was held on 3 March 2025. The bill has now passed to the House of Lords for consideration. The extension of the EPL period to 31 March 2030 is now treated as substantively enacted.

As a result of a motion passed under the Provisional Collection of Taxes Act on 6 November 2023, the EPL rate increase to 38%, the abolition of basic uplift and the reduction in the decarbonisation rate to 66%, were all treated as substantively enacted with effect from 1 November 2024.