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It annoys me that these companies aren't subject to a windfall tax. These profits are driven by the Russian embargos following the invasion of Ukraine The most
by fiftyacorn 4y ago
It annoys me that these companies aren't subject to a windfall tax. These profits are driven by the Russian embargos following the invasion of Ukraine
The most annoying thing is that when the price slumps again these companies will be back cap in hand for money to decommission their oil rigs
- listenallyall 4y ago> these companies aren't subject to a windfall tax Last year, the government introduced a windfall tax - called the Energy Profits Levy - on the "extraordinary" profits being made at energy companies. The rate was originally set at 25%, but has now been increased to 35%
- SilverBirch 4y agoIt's a little more complicated than that. First, Oil & Gas in the UK pay 40% corporation tax to start with (30% corp, 10% supplementary), and the levy is on top of that, meaning they're paying 75%. However, there's an "investment allowance" that means most Oil & Gas companies in the UK can shuffle things around to not pay anything, and they're only paying these rates on UK profits which are only a tiny share of their profits.