Windfall tax revenue set to slump 40 per cent thanks to falling oil and gas prices June 27, 2023 The sharp fall in the price of oil and gas will lead to a huge drop in revenue from the government’s windfall tax. Announced in November of last year, the energy profits levy hiked an existing tax on oil and gas profits and extended its deadline until 2028. Chancellor Jeremy Hunt estimated that it would [...]
Windfall tax makes no sense for renewables, says Cornwall Insight November 12, 2022 It would be disproportionate to expand the windfall tax to electricity generators, argued Cornwall Insight, amid a commodities boom.
The Notebook: Sir Rocco Forte on the hated tourist tax, counteracting climate hysteria and Boris Johnson’s legacy June 26, 2023 The Notebook is a column where interesting people say interesting things. Today, it’s hotel industry giant Sir Rocco Forte, chairman of Rocco Forte Hotels My hotels in Italy, Germany and Belgium are booming. But occupancy in London is not what it was last year nor what we saw pre-pandemic. Official statistics bear this out, showing [...]
Shell to pay £400m in windfall taxes this year after bumper first quarter earnings May 4, 2023 Shell has confirmed it will pay just under £400m in windfall taxes this year, after bumper first-quarter profits.
Low tax regimes only matter as much as their longevity September 28, 2022 Ireland, of course, is an oft-cited pin up for low corporation tax. But it is an aggressive policy several decades in the making. They have been rewarded, with tech giants setting up shop there.
Biden’s crypto mining tax simply wouldn’t work in the UK… or the US, for that matter May 4, 2023 Biden's proposal, which would see crypto mining operations face a 30 per cent tax on energy, could be implemented by next year.
Kwarteng has no option but to stay the course on tax plans October 3, 2022 A few weeks into her new role Liz Truss and her Chancellor Kwasi Kwarteng would have been forgiven for thinking that Tory conference would have been something of a party. After all, Tory party members favoured her candidacy by some margin – even if Conservative MPs were more enamoured by the now extremely quiet Rishi [...]
BP profits the “unearned windfalls of war” say Labour as windfall tax row heats up May 2, 2023 "Pearl-clutching" begins with Labour and Lib Dems plotting moves to toughen up windfall tax - despite BP paying a further £520m already
BP and the ‘profits of war?’ Could falling energy prices end the battle for a tougher windfall tax May 2, 2023 As Labour ramps up calls for a tougher windfall tax, it would be easy to miss that BP's shares are down five per cent on the FTSE 100.
‘There is more to come’: Kwarteng hints at more tax cuts September 25, 2022 Kwasi Kwarteng has strongly hinted he will bring in more tax cuts, after today vowing “there is more to come”. The chancellor said Prime Minister Liz Truss had only been in Number 10 for “19 days” and that the pair wanted to continue on a radical economic path. Kwarteng announced the UK’s largest package of [...]