Orsted – Ørsted receives final opinion regarding taxation of Walney Extension and Hornsea 1

Today, Ørsted has been notified by the Danish Tax Agency (DTA) and UK HM Revenue & Customs (HMRC) that an advisory commission established under the EU Arbitration Convention has issued a final opinion in the case between Denmark and the UK regarding taxation rights related to the offshore wind farms Walney Extension and Hornsea 1.

According to the opinion, which follows the legal principles for taxation of services applied by Ørsted, the Walney Extension and Hornsea 1 offshore wind farms have a genuine legal and economic purpose. The projects are therefore primarily taxable in the country where they are located, in this case in the UK, and over the projects’ lifetime as they generate power and revenue.

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