Ørsted Receives Final Opinion on Taxation for UK Offshore Wind Farms
An opinion on taxation of services for Ørsted’s UK offshore wind farms Walney Extension and Hornsea 1 concludes they have a genuine legal and economic purpose and are primarily taxable in the UK over the projects’ lifetime. The ruling causes a minor upward adjustment to Ørsted’s overall Danish tax position, plus interest, and Ørsted will seek resolutions with the DTA and HMRC for other projects.