Revenue has published its guidelines for the Temporary Business Energy Support Scheme (TBESS) provided for in sections 87-89 Finance Bill 2022. The scheme aims to assist qualifying businesses with their electricity or natural gas costs over the winter months by providing a cash payment equal to 40 percent of its eligible cost.
The scheme is open to businesses who:
- are tax compliant,
- carry on a Case I trade or Case II profession (including certain charities and approved sporting bodies in relation to certain income), and
- have experienced an increase of 50 percent or more in their natural gas or electricity average unit price between the relevant bill period in 2022 and the corresponding reference period in 2021.
As the scheme must comply with the EU State Aid Temporary Crisis Framework, EU Commission approval is required before payments can be made to qualifying businesses. More information on the scheme can be found in the TBESS guidelines. Further information will be published in the coming weeks, including on how businesses can submit claims via Revenue’s Online Service.
Commenting on the publication of the TBESS guidelines, Minister for Finance, Paschal Donohoe, said:
“TBESS is the largest single item announced as part of Budget 2023, the Government’s cost of living budget that will help individuals, families and businesses deal with rising prices.
The scheme will provide much needed support to thousands of businesses across the country who are experiencing a material shock to the price of their energy inputs.
The guidelines published by Revenue today provide further detail to businesses and stakeholders on how the scheme will operate and be administered. The guidelines will be updated from time to time as the scheme becomes operational.
I expect the scheme to be open for claims to be submitted by the end of November, with the first payments being made to qualifying businesses shortly after.”