Deeksha Rathi and Edward Milliner (Slaughter and May) reflect on recently
announced changes in an area faced with global instability, net zero goals and
political change.
A shifting landscape
2022 and 2023 saw much upheaval in terms of fiscal policy in the energy sector. Two new taxes were brought in: first the Energy (Oil and Gas) Profits Levy (EPL) introduced following political pressure for a ‘windfall tax’ on what were regarded as the super profits of oil and gas producers following the impact of the war in Ukraine on energy prices; and then the Electricity Generator Levy (EGL) charged on the so-called ‘exceptional receipts’ of those generators generally regarded as being relatively adversely unaffected by the spike in oil and gas prices. Testament to the instability in this policy area is that the EPL was barely six months old before it underwent its first tinkering with...
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Deeksha Rathi and Edward Milliner (Slaughter and May) reflect on recently
announced changes in an area faced with global instability, net zero goals and
political change.
A shifting landscape
2022 and 2023 saw much upheaval in terms of fiscal policy in the energy sector. Two new taxes were brought in: first the Energy (Oil and Gas) Profits Levy (EPL) introduced following political pressure for a ‘windfall tax’ on what were regarded as the super profits of oil and gas producers following the impact of the war in Ukraine on energy prices; and then the Electricity Generator Levy (EGL) charged on the so-called ‘exceptional receipts’ of those generators generally regarded as being relatively adversely unaffected by the spike in oil and gas prices. Testament to the instability in this policy area is that the EPL was barely six months old before it underwent its first tinkering with...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
