Why is Shell’s UK windfall tax payment so low?

Shell has justified the low sums paid to the Treasury under the windfall levy by saying the UK only accounts for ‘less than 5%’ of its global revenues. Photograph: Matthew Horwood/Getty Images

Shell has announced the biggest profits in its 115-year history, notching up nearly $40bn for 2022. However, it only paid $134m of that to the UK government under the windfall tax introduced last year.

How is the tax calculated?