Offshore Industry: Taxation

Treasury written question – answered on 13th May 2022.

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Photo of Mike Amesbury Mike Amesbury Shadow Minister (Housing, Communities and Local Government)

To ask the Chancellor of the Exchequer, if he will introduce a windfall tax on the profits of North Sea oil and gas producers and use the proceeds to tackle to cost of living.

Photo of Helen Whately Helen Whately The Exchequer Secretary

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.

All taxes are kept under review and any changes are considered and announced by the Chancellor.

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