is making higher profits than ever before due to the soaring global price of oil and gas.
Labour, the Liberal Democrats, charities and trade unions have repeated their call for the Government to expand its existing windfall tax on oil and gas producers to help mitigate theThis fiscal year, the energy profits levy – which taxes oil and gas profits at 75 per cent, but with a tax break for firms which invest in new production – is forecast to raise around £5.6bn for the Treasury.totalled $9.6bn , and the company said it had returned $6.
The company has said it expects to pay around $500m this year as a result of the UK’s windfall tax. Its bill is significantly lower than its profits because most of its money is made outside Britain and is therefore exempt from the levy. Opposition parties have called on the Treasury to increase the headline rate of the tax, backdate it to the start of 2022 when energy prices began to rise, and eliminate the investment allowance which lets firms write off part of their bill if they have spent money on new infrastructure.
Ed Miliband, Labour’s shadow Net Zero Secretary, said: “It is staggering that Rishi Sunak and the Conservatives continue to refuse to implement a proper windfall tax to make the energy companies pay their fair share.
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