The UK government has raised its windfall tax to 35pc
UK ratchets up windfall tax
Analysts and industry are left dismayed by larger-than-expected hike and potential unintended consequences
The UK government’s mid-November Autumn Statement raised its Energy Profits Levy (EPL), or so-called windfall tax, from January next year by 10 percentage points, to 35pc, taking the overall tax burden for producers to 75pc. It also extended its life from a previous promise to repeal it when prices returned to an undefined ‘normal’ level or by the end of 2025 to the end of March 2028 with no prospect of any price-related relief before then. Analysts are unconvinced by the move. “Assuming the lights are still on, will the last energy companies to leave the North Sea please turn them off,” quips Chris Wheaton, analyst at US investment bank Stifel. He dubs the government policy the ‘windfall ta
Also in this section
4 February 2025
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors
4 February 2025
The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry
3 February 2025
Alaska has been engulfed by a lack of consistent policymaking and highlights the challenges financing energy projects in the US
31 January 2025
Several projects are expected to boost production this year as strategically important region looks to environmental rules, fiscal policies, oil prices and demand trends longer term
