Tougher levies on North Sea profits risk loss of £12bn in taxes, say firms
The Guardian|September 02, 2024
The North Sea industry has warned the government not to toughen its windfall tax on oil and gas profits in the autumn budget, claiming it risks losing £12bn in tax receipts and jeopardising 35,000 jobs.
Jillian Ambrose
Tougher levies on North Sea profits risk loss of £12bn in taxes, say firms

The industry's trade association, Offshore Energies UK (OEUK), has presented Treasury officials with data analysis that appears to show proposed changes to the tax regime would devastate the sector's predicted investment over the second half of this decade.

The group said it had made the analysis public to "help inform decision-making" before the chancellor's autumn statement in October.

Labour came to power with an election pledge to toughen the windfall tax regime put in place by the previous government, known as the energy profits levy, by raising the headline tax rate by 3 percentage points to 78%.

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