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Energy profits levy update

Published on: 09 June 2023
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Specialist Tax Regulatory Materials

Article summary

HM Treasury has announced that the Energy Profits Levy, which puts a marginal tax rate of 75% on North Sea oil and gas production, will remain in place until March 2028. The tax rate will fall back to 40%, the rate before the Energy Profits Levy was introduced, when the oil and gas prices consistently return to normal levels for a sustained period.

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

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