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UK Considering Limiting Windfall Tax on Energy Sector

OIL

Jeremy Hunt, Chancellor of the Exchequer, is considering limiting the windfall tax on the UK oil and gas sector to try and alleviate industry concerns amidst pushback in investing in the UK.

  • Under the proposals being considered by the Treasury, the additional 35% levy would cease to apply if energy prices fall below a given level according to Bloomberg sources.
  • Without a price floor, energy firms are due to pay the extra tax through to 2028 even if prices drop back in line with longer-term trends.
  • It is unlikely to be introduced in Wednesday’s budget but possibly at a later stage.
  • There are fears that UK oil and gas production could collapse in the future if not enough investment in the sector is made because of windfall taxes.
Energy BulletsCommodities
Energy BulletsCommodities

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