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UK Windfall Tax Set for Extension

OIL

The British government is planning to increase the existing windfall tax on oil and gas companies from 25% to 30%, and extending its duration until 2028 according to report by The Times.

  • The British government aims to raise around £40bn within the next five years with the tax extension.
  • In May, the UK introduced the 25% windfall tax on energy companies.
  • Shell UK does not expect to pay the UK windfall tax in Q3, as the company can write off its investments in the North Sea.
  • Shell chief executive Ben van Beurden previously said ““One way or another there needs to be government intervention. Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.”
  • BP is expected to pay $800mn in UK windfall taxes this year.
Energy BulletsCommodities
Energy BulletsCommodities

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