Government introduces Energy Profits Levy on oil and gas sector

Published on: 26 May 2022

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Specialist Tax Regulatory Materials

Article summary

The Chancellor of the Exchequer, Rishi Sunak MP, has made a statement in the House of Commons announcing a new package of measures in response to the rising cost of living. The measures include a new temporary Energy Profits Levy, including a new investment allowance, and a £15bn Cost of Living Support package for low-income and vulnerable households. Phil Greatrex, partner at CW Energy LLP comments on the announcement.

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

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