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.
This tax information and impact note is about payments under a Decommissioning Relief Deed in relation to the Energy Profits Levy.
These Regulations specify how the average price of oil and the average price of gas over a reference period are to be calculated for the purposes of section 17A(1) of the Energy (Oil and Gas) Profits Levy Act 2022 (“the …
These Regulations specify how the average price of oil and the average price of gas over a reference period are to be calculated for the purposes of section 17A(1) of the Energy (Oil and Gas) Profits Levy Act 2022 (“the …
In response to: Energy Profits Levy reforms 2024
These measures are about reforms to the Energy Profits Levy following announcements made at the July Statement 2024.
In response to: Energy Profits Levy: Energy Security Investment Mechanism legislation
This tax information and impact note is about amending the Energy Profits Levy to make sure it permanently ends if prices return to historically normal levels.
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, …
In response to: Energy Profits Levy and the Energy Security Investment Mechanism: discussion note
In response to: Technical note: Energy Profits Levy Energy Security Investment Mechanism
In response to: Energy Profits Levy and the Energy Security Investment Mechanism: discussion note
This document sets out the technical detail and practical application of the Energy Security Investment Mechanism (ESIM).
A discussion note to seek views on the technical details and practical application of the Energy Profits Levy’s (EPL) Energy Security Investment Mechanism (ESIM).
A discussion note to seek views on the technical details and practical application of the Energy Profits Levy’s (EPL) Energy Security Investment Mechanism (ESIM).
A discussion note to seek views on the technical details and practical application of the Energy Profits Levy’s (EPL) Energy Security Investment Mechanism (ESIM).
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, …
In response to: The decarbonisation allowance in the Energy Profits Levy
This tax information and impact note is about the introduction of an 80% investment allowance in the Energy Profits Levy for qualifying expenditure on decarbonising upstream oil and gas production.
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 …
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 …
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%, …
In response to: Changes to the Energy (Oil and Gas) Profits Levy
This tax information and impact note is about the changes to the Energy (Oil and Gas) Profits Levy announced at Autumn Statement 2022.
Second Reading (and remaining stages) 19:46:00 Moved by Baroness Penn: That the Bill be now read a second time. Baroness Penn (Con): My Lords, we will take a little more time over this Bill. We are here to debate the …
First Reading 15:20:00 The Bill was brought from the Commons, endorsed as a money Bill, and read a first time.
Second Reading 16:45:00 The Chief Secretary to the Treasury (Mr Simon Clarke): I beg to move, That the Bill be now read a Second time. People across the country are facing rising energy costs and an increase in the overall …
Considered in Committee (Order, this day) [Mr Nigel Evans in the Chair ] Clause 1 Charge to tax Question proposed, That the clause stand part of the Bill. The Second Deputy Chairman of Ways and Means (Mr Nigel Evans): With …
In response to: The Energy (Oil and Gas) Profits Levy Bill
This tax information and impact note is about the introduction of the Energy (Oil and Gas) Profits Levy Bill.
In response to: Draft legislation: Energy (Oil and Gas) Profits Levy Bill
The government is seeking your views on draft legislation for the Energy (Oil and Gas) Profits Levy ahead of the publication of the Bill.
The government is seeking your views on draft legislation for the Energy (Oil and Gas) Profits Levy ahead of the publication of the Bill.
The government is seeking your views on draft legislation for the Energy (Oil and Gas) Profits Levy ahead of the publication of the Bill.
A Bill to prohibit the practice of offering preferential energy tariffs to new customers compared to existing customers; to place further restrictions on energy pricing; and for connected purposes.
This tax information and impact note deals with changes to the taxation of tariff income for petroleum licence holders in the UK and on the UK Continental Shelf announced at Autumn Budget 2017.
This tax information and impact note deals with changes to the taxation of tariff income for petroleum licence holders in the UK and on the UK Continental Shelf announced at Autumn Budget 2017.