The UK will scrap windfall tax on energy firms if prices keep falling | CNN Business

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The UK government plans to scrap its windfall tax on oil and gas companies if energy prices fall below certain levels.

The country’s finance ministry announced Friday that it would repeal the 35% additional tax on firms’ profits if the average price of oil and gas fell to, or below, $71.40 per barrel for oil and £0.54 per therm for gas. That would bring down the overall tax rate for energy producers from 75% to 40% — its level before the extra levy was introduced last year in response to surging commodity prices.

Help with energy bills In May 2022, the government introduced a 25% windfall tax on the profits of oil and gas producers operating in the North Sea, upping the levy to 35% six months later. The tax helped subsidize the energy bills for millions of UK households and businesses after they soared following Russia’s full-scale invasion of Ukraine.

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