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Energy Profits Levy and Security Investment

The Energy Profits Levy, administered by HM Revenue & Customs, is a temporary tax on extraordinary profits from oil and gas companies, designed to fund energy security investments and support households with energy costs. The levy remains active with ongoing reforms and sector-specific discussions, particularly regarding impacts on North Sea operators and Scottish energy production.

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Family: Scrutiny and evidence
29 Nov 2023 | Committee report linked

We have heard that vast numbers of fossil fuel assets are at risk of devaluing before they are extracted due to changes in energy consumption and therefore becoming ‘stranded assets’. This is a particular risk in the City of London, as one of the top four financial centres where this concern is concentrated. This risk has also intensified due to Russia’s full-scale invasion of Ukraine leading to divestment from Russian- linked fossil fuel assets. While there have been some calls for the burde...

We have heard that vast numbers of fossil fuel assets are at risk of devaluing before they are extracted due to changes in energy consumption and therefore becoming ‘stranded assets’. This is a particular risk in the City of London, …

▤ View document · ↗ GOV.UK
28 Apr 2023 | Committee report linked

Announcements by major oil and gas companies to prioritise share buybacks and dividends over investment in renewables, and to scale back on targets to reduce the impact of their operations on the climate in favour of extracting more fossil fuels, suggest that the industry has some way to go before it finds a good balance between prioritising profit and its responsibility to cut emissions. The investment relief included in the Energy Profits Levy means that taxpayers will effectively pay oil a...

Announcements by major oil and gas companies to prioritise share buybacks and dividends over investment in renewables, and to scale back on targets to reduce the impact of their operations on the climate in favour of extracting more fossil fuels, …

▤ View document · ↗ GOV.UK
5 Jan 2023 | Committee report linked

Tackling the immediate energy security and affordability issues caused by the war in Ukraine does not entail abandoning climate ambitions or putting them on pause. The energy trilemma can be solved by tackling all three issues together. There are many opportunities to achieve synergies between affordability, security and sustainability. Accelerating the transition away from fossil fuels will enhance the UK’s energy security and reduce the ability of aggressive or repressive regimes to use oil...

Tackling the immediate energy security and affordability issues caused by the war in Ukraine does not entail abandoning climate ambitions or putting them on pause. The energy trilemma can be solved by tackling all three issues together. There are many …

▤ View document · ↗ GOV.UK
5 Jan 2023 | Committee report linked

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 …

▤ View document · ↗ GOV.UK
5 Jan 2023 | Committee report linked

The original 65% tax rate under the Energy Profits Levy was lower than the international average tax rate of oil and gas producers (of 71%), so we welcome the Chancellor of the Exchequer’s proposal to increase this rate to 75%, while noting that it remains below Norway’s tax rate of 78%.

The original 65% tax rate under the Energy Profits Levy was lower than the international average tax rate of oil and gas producers (of 71%), so we welcome the Chancellor of the Exchequer’s proposal to increase this rate to 75%, …

▤ View document · ↗ GOV.UK