Shell says windfall tax 'creates uncertainty' about North Sea oil and gas investment

"And, longer term, the proposed tax reliefs for investment don't extend to the renewable energy system we want to drive forward in the UK and invest in very substantially.Please use Chrome browser for a more accessible video playerThe new windfall tax includes an investment allowance to incentivise oil and gas firms to invest in"UK extraction", according to the Treasury.

Companies can already claim tax relief on what they invest, but the government said a new investment allowance will take the total they get back to 91p for every £1 they invest.The new allowance, which will give firms 80% off the windfall tax, will be provided at the point of investment, which the government said is more immediate than reliefs that are currently in place.

Very good: Uncertainty (and hopefully reduction) in new oil and gas projects. Very bad: Relief for reinvesting in oil and gas projects. Worst: No relief for investments in renewable energy projects.

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Windfall tax 'will bring about job losses', energy industry warns - as Rishi Sunak to address cost of living crisisWindfall tax 'will bring about job losses', energy boss says - as Rishi Sunak to address cost of living crisis Vile news at it again I see . Can he prove that? Use the greedy fat cats, bonuses and profits to offset job losses, its all greed at the expense of the consumer
Source: SkyNews - 🏆 35. / 67 Read more »