Banking & Finance analysis: Following news that Tesla is to issue auto asset backed securities (ABS), Vincent Keaveny, partner and co-chair of DLA Piper’s financial services sector, considers the significance of the electric car manufacturer’s first entry into the market.

Any line which is used for carrying electricity for any purpose and includes, unless the context otherwise requires: (a) any support for any such line, that is to say, any structure, pole or other thing in, on, by or from which any such line is or may be supported, carried or suspended; (b) any apparatus connected to any such line for the purpose of carrying electricity; and (c) any wire, cable, tube, pipe or other similar thing (including its casing or coating) which surrounds or supports, or is surrounded or supported by, or is installed in close proximity to, or is supported, carried or suspended in association with, any such line (section 64(1) of the Electricity Act 1989).

Background The number of electric vehicles is set to grow rapidly. Significant investment in the UK’s electric vehicle charging points (‘EVCP’) network will be required to support the government’s drive towards electric vehicles. It is therefore important for both developers, charge point operators (‘CPO’s) and landlords to work together to capitalise on the opportunities provided for them in this market. In the real estate context, some scenarios where EVCP issues may arise, include: • an existing tenant wishing to install EVCPs within their demise or allocated parking bays seeking a licence to alter from the landlord (and in some cases, a licence to alter outside the demise, where cabling needs to be installed, see Precedent: Licence for alterations with works outside the demise). The landlord and tenant would need to agree, amongst others, whether the EVCP kit (and associated cabling) needs to be removed at the end of the lease, reinstatement obligations, any impact on rent review,

What are electric vehicles (EV) and EV charging infrastructure? EV Electric vehicles (sometimes referred to as ultra low emission vehicles or ULEVs) run on electricity some or all of the time. The table below summarises the main different types of EV in the UK: Acronym Type of EV How it works PHEV plug-in hybrid electric vehicle can switch between running on electricity or fossil fuels HEV hybrid electric vehicle do not plug in, have a much smaller battery which is recharged while driving BEV battery electric vehicle also known as all-electric EV, the battery is the only power source (it may be charged by plugging into a recharging point or alternatively the battery may be swapped) FCEV fuel cell electric vehicle generate their own electricity on-board from a fuel such as hydrogen EV charging infrastructure EV charging infrastructure, often referred to as EV charge points, are devices that supply electricity to recharge EV batteries. They are functionally similar to petrol pumps for conventional combustion engines. EV charge points vary in terms of charging speed,

Electrical Equipment (Safety) Regulations 2016 The Electrical Equipment (Safety) Regulations 2016 (EE(S)R 2016), SI 2016/1101 constitute the regulatory regime governing the safety of electrical equipment made available on the UK market. They are structured by reference to the EU New Legislative Framework and impose requirements relating to product conformity, accreditation and market surveillance, with compliance assessed and enforcement exercised in accordance with UK statutory provisions and by UK market surveillance authorities. The Department for Business, Innovation, Science and Trade has published a variety of guidance documents on product safety across England, Wales and Scotland which should be key reading for all lawyers advising on electrical equipment placed on the market. The available guidance documentation includes: • Statutory guidance—Electrical Equipment (Safety) Regulations 2016: Great Britain • Placing manufactured goods on the market in Great Britain • Product safety for businesses: A to Z of industry guidance • Using the UKCA marking Where a business seeks to place electrical equipment on the EU market or in Northern Ireland, practitioners should consult the following BEIS guidance: Placing manufactured goods

According to the Health and Safety Executive (HSE), electricity and unsafe electrical work continues to regularly cause serious injuries to, and the deaths of, workers and non workers in the UK. The main hazards are: • contact with live electrical parts causing shocks and burns • injuries from becoming exposed to electrical arcing • burns from static electricity igniting flammable items in the workplace • fires and explosions caused by poor electrical installations and faulty electrical equipment Electrical safety is an important consideration in health and safety management. See Practice Notes: How to manage health and safety in the workplace and Health and safety in the workplace—regulatory requirements. Key workplace electrical safety laws There are several health and safety regulations that cover electrical safety including: • The Electricity at Work Regulations 1989, SI 1989/635 • The Supply of Machinery (Safety) Regulations 2008, SI 2008/1597 • Electrical Equipment (Safety) Regulations 2016, SI 2016/1101. See Practice Note: Electrical equipment safety • Management of Health and Safety at Work Regulations 1999, SI 1999/3242 • The Plugs and Sockets etc (Safety) Regulations 1994, SI 1994/1768

This Practice Note discusses administration of the EGL. For guidance on other aspects of the EGL, see the following Practice Notes: • Electricity Generator Levy—what is a qualifying generating undertaking? • Electricity Generator Levy—what is a qualifying period? • Electricity Generator Levy—what are exceptional generation receipts? • Electricity Generator Levy—who is liable? • Electricity Generator Levy—relief for shortfall amounts • Electricity Generator Levy—transparency elections • Electricity Generator Levy—targeted anti-avoidance rule • Electricity Generator Levy—practical considerations In terms of the legislation, which is contained in Part 5 of the Finance (No 2) Act 2023 (F(No 2)A 2023), the charge applies to the exceptional generation receipts of a qualifying generating undertaking for a qualifying period. Since these concepts are interrelated, it may be necessary to move back and forth between them in order to establish whether the EGL applies in a given scenario. Unless stated otherwise, statutory references are to F(No 2)A 2023. References to sections of HMRC’s Electricity Generator Levy Manual are in the form EGL (number). EGL is charged on a company as if it were

The EGL is a temporary 55% charge on exceptional receipts from wholesale electricity generation in the UK. The EGL applies from 1 January 2023 to 31 March 2028, the government announced that it will legislate to extend the EGL beyond March 2028. For the background to the EGL, see Electricity Generator Levy—overview. In terms of the legislation, which is contained in Part 5 of the Finance (No 2) Act 2023 (F(No 2)A 2023), the charge applies to the exceptional generation receipts of a qualifying generating undertaking for a qualifying period. Since these concepts are interrelated, it may be necessary to move back and forth between them in order to establish whether the EGL applies in a given scenario. This Practice Note discusses practical considerations that taxpayers and their advisers might wish to consider in relation to the EGL. For guidance on other aspects of the EGL, see the following Practice Notes: • Electricity Generator Levy—what is a qualifying generating undertaking? • Electricity Generator Levy—what is a qualifying period? • Electricity Generator Levy—what are exceptional generation receipts? • Electricity

The EGL is a temporary 55% charge on exceptional receipts from wholesale electricity generation in the UK. The EGL applies from 1 January 2023 to 31 March 2028, but the government announced that it will legislate to extend the application of the EGL beyond March 2028. For the background to the EGL, see Electricity Generator Levy—overview. In terms of the legislation, which is contained in Part 5 of the Finance (No 2) Act 2023 (F(No 2)A 2023), the charge applies to the exceptional generation receipts of a qualifying generating undertaking for a qualifying period. Since these concepts are interrelated, it may be necessary to move back and forth between them in order to establish whether the EGL applies in a given scenario. Groups and joint ventures may reallocate ‘shortfall amounts’ to ensure that the EGL is (so far as possible) charged on their net exceptional generation receipts only. This Practice Note discusses how the relief operates. For guidance on other aspects of the EGL, see the following Practice Notes: • Electricity Generator Levy—what is a qualifying

In terms of the legislation, which is contained in Part 5 of the Finance (No 2) Act 2023 (F(No 2)A 2023), the charge applies to the exceptional generation receipts of a qualifying generating undertaking for a qualifying period. Since these concepts are interrelated, it may be necessary to move back and forth between them in order to establish whether the EGL applies in a given scenario. This Practice Note discusses the targeted anti-avoidance rule in the legislation. For guidance on other aspects of the EGL, see the following Practice Notes: • Electricity Generator Levy—what is a qualifying generating undertaking? • Electricity Generator Levy—what is a qualifying period? • Electricity Generator Levy—what are exceptional generation receipts? • Electricity Generator Levy—who is liable? • Electricity Generator Levy—relief for shortfall amounts • Electricity Generator Levy—transparency elections • Electricity Generator Levy—administration • Electricity Generator Levy—practical considerations Unless stated otherwise, statutory references are

The EGL is a temporary 55% charge on exceptional receipts from wholesale electricity generation in the UK. The EGL applies from 1 January 2023 to 31 March 2028, but the government announced that it will legislate to extend the application of the EGL beyond March 2028. For the background to the EGL, see Electricity Generator Levy—overview. In terms of the legislation, which is contained in Part 5 of the Finance (No 2) Act 2023 (F(No 2)A 2023), the charge applies to the exceptional generation receipts of a qualifying generating undertaking for a qualifying period. Since these concepts are interrelated, it may be necessary to move back and forth between them in order to establish whether the EGL applies in a given scenario. There are special rules for attributing electricity generation and generation receipts to members of a group or a joint venture, which are discussed in Practice Notes: Electricity Generator Levy—what is a qualifying generating undertaking? and Electricity Generator Levy—what are exceptional generation receipts?. As an alternative simplification measure, groups and joint ventures may elect to treat

This Practice Note discusses the Electricity Generator Levy (EGL). The EGL is a temporary 55% charge on exceptional receipts from wholesale electricity generation in the UK. The EGL applies from 1 January 2023 to 31 March 2028, but the government announced that it will legislate to extend the application of the EGL beyond March 2028. For the background to the EGL, see Electricity Generator Levy—overview. In terms of the legislation, which is contained in Part 5 of the Finance (No 2) Act 2023 (F(No 2)A 2023), the charge applies to the exceptional generation receipts of a qualifying generating undertaking for a qualifying period. Since these concepts are interrelated, it may be necessary to move back and forth between them in order to establish whether the EGL applies in a given scenario. This Practice Note discusses the meaning of 'exceptional generation receipts’. For guidance on other aspects of the EGL, see the following Practice Notes: • Electricity Generator Levy—what is a qualifying generating undertaking? • Electricity Generator Levy—what is a qualifying period? • Electricity Generator