New Clause 2 - Review of revenue from the Energy (Oil and Gas) Profits Levy

Finance Bill – in the House of Commons at 3:15 pm on 30th November 2022.

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Votes in this debate

“(1) The Chancellor of the Exchequer must, within three months of this Act receiving Royal Assent, publish an assessment of the revenue estimated to be generated from the Energy (Oil and Gas) Profit Levy in each of the financial years 2021-22 to 2027-28.

(2) In addition to an evaluation of the revenue forecast to be raised by the Levy, the assessment must include an evaluation showing the estimated revenue that would have been raised if each of the following had been the case—

(a) the qualifying accounting period specified in section 1(3) of the Energy (Oil and Gas) Profits Levy Act 2022 had begun on 3 January 2022,

(b) the rate of the levy had been increased to 38% under this Act, and

(c) the amount of additional investment expenditure had been reduced to 0% by this Act.”—(James Murray.)

This new clause would require the Chancellor of the Exchequer to publish an assessment of estimated revenue from the energy (oil and gas) profit levy in financial years 2021-22 to 2027-28, and set out how these figures would be affected if levy were backdated to 3 January 2022, and if the rate of levy was increased to 38%, and the amount of additional investment expenditure reduced to 0%, by this Act.

Brought up, and read the First time.

Question put, That the clause be added to the Bill.

Division number 104 Finance Bill — New Clause 2 - Review of revenue from the Energy (Oil and Gas) Profits Levy

Aye: 212 MPs

No: 290 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

The Committee divided: Ayes 212, Noes 292.

Question accordingly negatived.