Energy Profits Levy

Part of Treasury – in the House of Commons at on 15 November 2022.

Alert me about debates like this

Photo of James Cartlidge James Cartlidge The Exchequer Secretary

To be clear, the levy is an additional 25% surcharge on UK oil and gas profits on top of the existing 40% headline rate of tax, taking the combined rate of tax on those profits to 65%. The hon. Lady is right that the levy contributes to the support that will be going out to Northern Ireland; it will come in a month later, but will be backdated to 1 October, and it will include businesses as well as households.