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> 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
by 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.