Treasury written question – answered at on 15 February 2022.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of a windfall tax on oil and gas producers to help fund a package of support for households struggling with the cost of energy bills.
The UK Government places additional taxes on the extraction of oil and gas, with companies engaged in the production of oil and gas on the UK Continental Shelf subject to headline tax rates on their profits that are currently more than double those paid by other businesses. To date, the sector has paid more than £375 billion in production taxes.
The Government understands that people are concerned about pressures on household budgets and has been clear that protecting consumers is its top priority. The Chancellor announced a generous package of support on 3 February 2022, with a £150 council tax non-repayable rebate from April and a further reduction of £200 on energy bills in October. The £200 reduction in households’ energy bills from October will help customers manage the unprecedented increase in energy bills by spreading the increased costs caused by high global gas prices over time, so they are more manageable for households.
All taxes are kept under review.
Yes1 person thinks so
No0 people think not
Would you like to ask a question like this yourself? Use our Freedom of Information site.