Offshore Industry: Taxation

Treasury written question – answered on 6th June 2022.

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Photo of Rachel Reeves Rachel Reeves Shadow Chancellor of the Exchequer

To ask the Chancellor of the Exchequer, with reference to the Energy Profits Levy, Technical Note, published on 26 May 2022, if he will place in the Library the figures for the size of the tax base for the Energy Profits Levy in (a) 2022-23 and (b) each of the years of the forecast horizon to 2025-26.

Photo of Helen Whately Helen Whately The Exchequer Secretary

The latest data on Corporation Tax (CT) receipts and liabilities for ring fenced oil and gas companies can be found on GOV.UK. The data is available within Table 3C of the “Corporation Tax statistics tables 2021” publication. [1]

A full costing of the Energy Profits Levy will be certified by the independent Office for Budget Responsibility at the Budget.

[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1020005/Corporation_Tax_statistics_data_tables_2021.ods

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