UK To Consider Further Windfall Tax Hike On Energy Firms
The UK government is considering an even larger than previously anticipated increase of the windfall tax on oil and gas companies, according to the Times.
• The UK is considering increasing the existing windfall tax to 35% from 25% previously.
• The tax would also apply to power generation firms and would run until 2028 from 2025 previously envisaged.
• The government earlier this month announced plans to increase the windfall tax by 5% to 30%.
• A decision on the extension of the tax is expected at the latest by 17 November, when the country’s Autumn Statement is due.