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Birmingham Post
Birmingham Post
Business
Peter A Walker & Hannah Finch

All about the windfall tax on gas and oil producers and how it will work

Oil ​​Rishi Sunak United Kingdom Gas Prices UK Government

A windfall tax on North Sea oil and gas producers has been announced by the Chancellor Rishi Sunak.

The temporary 25% tax on profits is set to raise around £5bn over the next year and is due to be phased out when prices return to more normal levels.

Speaking earlier today, Mr Sunak stated: “The oil and gas sector is making extraordinary profits, not as the result of recent changes to risk-taking or innovation or efficiency, but as the result of surging global commodity prices driven in part by Russia’s war.

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