UK Hikes Windfall Taxes On Oil And Gas To 35% | ZeroHedge
Authored by Charles Kennedy via OilPrice.com, The UK is raising the windfall tax on the profits of oil and gas operators in the North Sea while also expanding the tax to include low-cost electricity generators in the Autumn Statement of the UK’s budget unveiled by the UK Chancellor of the Exchequer, Jeremy Hunt, on Thursday. This is a modal window. Beginning of dialog window. Escape will cancel and close the window. End of dialog window. The UK has had a windfall tax on oil and gas firms operating in the North Sea since May, when the current Prime Minister Rishi Sunak, then Boris Johnson’s Chancellor of the Exchequer, announced a temporary 25% Energy Profits Levy for oil and gas companies, reflecting their extraordinary profits as oil and gas prices surged. Commenting on the new budget measures, Sunak said today that “Today’s Autumn Statement delivers the long-term stability this country needs.” “The Autumn Statement sets out reforms to ensure businesses in the energy sector who are ma
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### Response: Authored by Charles Kennedy via OilPrice.com, The UK is raising the windfall tax on the profits of oil and gas operators in the North Sea while also expanding the tax to include low-cost electricity generators in the Autumn Statement of the UK’s budget unveiled by the UK Chancellor of the Exchequer, Jeremy Hunt, on Thursday. This is a modal window. Beginning of dialog window. Escape will cancel and close the window. End of dialog window. The UK has had a windfall tax on oil and gas firms operating in the North Sea since May, when the current Prime Minister Rishi Sunak, then Boris Johnson’s Chancellor of the Exchequer, announced a temporary 25% Energy Profits Levy for oil and gas companies, reflecting their extraordinary profits as oil and gas prices surged. Commenting on the new budget measures, Sunak said today that “Today’s Autumn Statement delivers the long-term stability this country needs.” “The Autumn Statement sets out reforms to ensure businesses in the energy sector who are ma