Oil and gas companies have understandably complained of the impact on the certainty of their revenue projections arising from sudden changes in the fiscal regime applying to their operations. But these are exceptional times. It would be politically and morally unacceptable for oil and gas companies to pocket record profits because of a war at a time when an unprecedented number of households in the country have been plunged into fuel poverty. The Government was therefore right to introduce it...

Oil and gas companies have understandably complained of the impact on the certainty of their revenue projections arising from sudden changes in the fiscal regime applying to their operations. But these are exceptional times. It would be politically and morally unacceptable for oil and gas companies to pocket record profits because of a war at a time when an unprecedented number of households in the country have been plunged into fuel poverty. The Government was therefore right to introduce its Energy Profits Levy, which is contributing towards the support the Treasury is offering billpayers. Type: conclusion | Number: 42 | Paragraph: 245 | Response status: not_addressed Government response: The Government introduced the Energy Profits Levy (EPL) in May 2022, to address the exceptional profits being made by oil and gas companies as a result of high global energy prices. In the Autumn Statement 2022, the Chancellor announced an increase to the rate of the EPL from 25% to 35%, and exten