Tees region hailed as ‘ UK ’ s clean energy powerhouse ’ as £ 3bn net zero projects approved
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Think carefully over Child Benefit Charge opt-out
The future – A CGI shows how the Net Zero Teesside power plant might look .
Tees region hailed as ‘ UK ’ s clean energy powerhouse ’ as £ 3bn net zero projects approved
Energy security and net zero secretary Grant Shapps announced £ 3bn of net zero pro projects have been given the green light by the government – just days after the chancellor committed £ 20bn to the sector .
Net Zero Teesside ( NZT ) will become the world ’ s first gas-fired power plant with carbon capture and storage facilities , producing up to 860MW of electricity – enough to power around 1.3m homes per year .
Up to two million tonnes of CO2 emissions from the power station will be captured per year and transported offshore for storage .
The scheme , driven by a consortium of energy companies led by bp , will represent ground zero for clean industry in the UK .
This £ 1.5bn investment will create up to 5,500 jobs during its construction and will add up to £ 300m to the economy each
Teesside University is supporting three businesses in the Tees Valley to deliver groundbreaking innovations that will help establish the region as one of the UK ’ s leading centres for net zero innovation .
The projects , which together total almost £ 2m , will see the university working with key employers and stakeholders in the Tees Valley to deliver impactful research and help the region decarbonise and find working solutions that will support industry becoming more sustainable .
Each of the projects has been supported through Tees Valley Launchpad , a £ 6m collaborative research and development fund established by Innovate UK , part of UK Research and Innovation .
Tees Valley Launchpad funds outstanding innovation projects led by businesses that are active or growing their work activities in the net zero innovation cluster centred on Tees Valley . year .
In October 2021 , the East Coast Cluster , including NZT , was named one of the UK ’ s first two CCUS clusters after a successful bid in phase one of the government ’ s process .
Alongside this , BOC ’ s Teesside Hydrogen CO2 Capture scheme – also part of the East Coast Cluster – plus bp ’ s H2 Teesside and Kellas Midstream ’ s NorthEastH2 hydrogen production projects , have also been given the go-ahead by the government to move into phase two , making Teesside the centre of the UK ’ s decarbonisation ambitions .
Tees Valley mayor Ben Houchen said : “ Teesside has always been a world leader , first with steel , now with green technology and decarbonising industry – other areas across the country talk about it . The difference here is , we crack on and deliver it .”
UNIVERSITY TO LEAD £ 2M NET ZERO PROJECTS
Research – Projects will be carried out through Teesside University ’ s new £ 13.1m Net Zero Industry Innovation Centre .
The projects being delivered by Teesside University are carbon capture ready , scaling up brick-binding technology , and developing a biocellular production system for biopharmaceuticals .
The research projects will be carried out through Teesside University ’ s new £ 13.1m Net Zero Industry Innovation Centre ( NZIIC ), a key component of Tees Valley Combined Authority ’ s regional innovation strategy , which will position Teesside firmly at the heart of the UK ’ s green industrial revolution .
The High Income Child Benefit Charge ( HICBC ) was introduced in 2013 to charge tax on individuals claiming Child Benefit who were earning an annual income in excess of £ 50,000 .
The tax charge equates to the following : > One per cent of the total child benefit received for every £ 100 earned more than £ 50,000 per annum
> 100 per cent of the total child benefit received for individuals earning more than £ 60,000 per annum .
A decade has now passed since the introduction of the HICBC , and these thresholds have never changed , meaning more people are caught by this tax charge .
Individuals who fall into this category can decide to opt out of receiving child benefit and , therefore , avoid paying the charge .
Unsurprisingly , as the number of workers reaching the threshold has increased , so have the numbers opting out . Up to August 2022 , 683,000 families had opted out – a figure that has increased by five per cent over the previous 12 months .
So should you opt out ? While it seems logical to avoid the HICBC , especially when earning more than £ 60,000 a year , this may result in the claimant missing out on National Insurance ( NI ) credits , which are used to make sure an individual qualifies for certain benefits , including state pension .
Opting out may also result in the claimant ’ s child not automatically receiving an NI number . These factors should be considered before deciding whether to opt out .
Anne Cowley Director , Baines Jewitt Chartered Accountants
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