There have numerous events in the Electricity sector during 2017 and 2018 which have taken up the time of the Trustees. Three matters have been at the forefront, two of which are unsettled at this time, (28 November 2018). The matter that has been settled related to a proposal by Inland Revenue to cease allowing our network company to have a tax deduction for the annual discounts it provides to all connected consumers at a particular date. After lengthy negotiations, Inland Revenue, in January 2018, agreed to allow a tax deduction to network companies which issued discounts to their consumers. There were various conditions and requirements that had to be met, to ensure that the tax deduction was applicable, and our network company was able to satisfy those conditions and requirements. This was a particularly pleasing outcome for Trustees and for consumers, who will continue to receive their annual discounts from Counties Power Limited.
As mentioned, two matters remain unresolved. These are: