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Evening Standard
Evening Standard
Business
August Graham

Wind farms to pay higher windfall tax than oil rigs, Chancellor reveals

Jeremy Hunt Oil Vladimir Putin Electricity
Wind farms will face a new windfall tax, the Chancellor said on Thursday. (Anna Gowthorpe/PA) (Picture: PA Archive)

Wind farms in UK waters will pay a higher windfall tax than the oil and gas rigs operating nearby as the Government said it would levy an extra 45% charge on their profits.

Chancellor Jeremy Hunt said he would increase the oil and gas windfall tax from 25% to 35% from the start of next year, but he also plans to introduce a brand-new windfall tax on electricity generators.

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