Published 2 years ago

Windfall tax to raise £5bn, but firms promised relief if they invest in Britain

Summary by Ground News

Energy companies already pay 40% of their profits in tax. But the extra levy announced by Chancellor Rishi Sunak will bring this up to 65% until December 2025. But companies can also avoid almost all their tax bill after the Chancellor doubled the relief they can get for investing in new oil and gas extraction.

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Shropshire Star

Windfall tax to raise £5bn, but firms promised relief if they invest in Britain

The Government said it would raise £5 billion from the windfall tax it announced on oil and gas companies on Thursday, but it left a back door for companies to avoid much of the charge if they invest in Britain.

2 years ago·Ketley, United Kingdom

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Evening Standard

Windfall tax to raise £5bn, but firms promised relief if they invest in Britain

Windfall tax to raise £5bn, but firms promised relief if they invest in Britain - Energy companies already pay 40% of their profits in tax, but the extra levy will bring this up to 65% until December 2025.

2 years ago·London, United Kingdom

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