Energy Companies (Windfall Tax)

Treasury written question – answered on 30th March 2006.

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Photo of Stewart Hosie Stewart Hosie Shadow Spokesperson (Women), Shadow Spokesperson (Home Affairs), Shadow Spokesperson (Treasury)

To ask the Chancellor of the Exchequer what assessment he has made of the merits of a windfall tax on energy companies.

Photo of Dawn Primarolo Dawn Primarolo Paymaster General (HM Treasury)

The Government keep all taxes under review and any changes to taxation are considered as part of the normal budget process.

In PBR 2005 the Chancellor announced a package of measures to ensure that the North sea tax regime strikes the correct balance between oil and gas producers and consumers, by promoting investment and ensuring fairness for taxpayers. As part of this announcement the Chancellor committed to no further increases in North sea taxation for the lifetime of this parliament.

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