The additional levy on UK upstream oil and gas profits adds an extra layer of complexity to an already extremely complex tax regime and will have an adverse effect on industry confidence, writes Phil Greatrex (CW Energy).
The chancellor announced on 26 May 2022 that a new ‘windfall tax’ on the UK upstream oil and gas sector was being introduced. This is to be called the energy (oil and gas) profits levy or ‘the levy’ but is referred to in this article as the levy. A draft of the legislation – the draft Energy (Oil and Gas) Profits Levy Bill 2022/23 – was published on 21 June 2022 with a very short consultation period ending on 28 June 2022.
This note sets out the position as of 4 July 2022 and should be read as being subject to any changes in the draft legislation that might arise as the...
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The additional levy on UK upstream oil and gas profits adds an extra layer of complexity to an already extremely complex tax regime and will have an adverse effect on industry confidence, writes Phil Greatrex (CW Energy).
The chancellor announced on 26 May 2022 that a new ‘windfall tax’ on the UK upstream oil and gas sector was being introduced. This is to be called the energy (oil and gas) profits levy or ‘the levy’ but is referred to in this article as the levy. A draft of the legislation – the draft Energy (Oil and Gas) Profits Levy Bill 2022/23 – was published on 21 June 2022 with a very short consultation period ending on 28 June 2022.
This note sets out the position as of 4 July 2022 and should be read as being subject to any changes in the draft legislation that might arise as the...
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