Section 17A Circumstances in which the levy ends early: energy security investment mechanismF1

(1)

This section applies if—

(a)

the average price of oil over a reference period, and

(b)

the average price of gas over the same period,

are at or below the average of those prices over the period of 20 years ending with 31 December 2022 (as adjusted in accordance with section 17B).

(2)

The Treasury must make regulations amending—

(a)

section 1(3)(b),

(b)

section 7(2), and

(c)

section 16,

so as to substitute the final day of that reference period for references to what would otherwise be the final day of the levy.

(3)

This section needs to be read with section 17B.

Annotations

F1: Ss. 17A, 17B inserted (24.5.2024) by Finance (No. 2) Act 2024 (c. 12), s. 19