Wind farm and nuclear electricity could be exempt from windfall tax
2 years, 6 months ago

Wind farm and nuclear electricity could be exempt from windfall tax

The Telegraph  

Electricity generated by wind farms and nuclear power plants could be exempted from a proposed windfall tax on energy firms following a backlash over the plans, The Telegraph can disclose. Rishi Sunak has been quietly consulting business leaders on proposals to extend the windfall tax imposed on North Sea oil and gas producers solely to cover profits made on electricity generated from fossil fuels. The move comes amid a row over the new levy announced by the Chancellor on oil and gas companies last month despite public opposition from a string of Cabinet ministers. At the time of the announcement of the new tax on oil and gas firms, Mr Sunak revealed that the Treasury had begun “urgently evaluating the scale of these extraordinary profits” made by electricity generating companies on the basis that the prices they are paid are “linked not to the costs they incur in providing that electricity but rather to the price of natural gas, which is extraordinarily high right now”.

Electricity Windfall Tax  gas  opposition  electricity  profits  windfall  tax  exempt  generated  wind  oil  sunak  farm  firms  nuclear

History of this topic

What is a windfall tax and what does it mean for me?
1 year, 10 months ago

What is a windfall tax and what does it mean for me?

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Profits increased by 53 per cent to £68.1bn in 2022, while earnings adjusted for taxes doubled to £32.2bn – …

Labour would extend windfall tax to prevent rising bills in April – Reeves
1 year, 11 months ago

Labour would extend windfall tax to prevent rising bills in April – Reeves

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “That cannot be right… “We must hold to that …

Senior Tory joins rebellion trying to force Sunak’s hand on onshore wind ban
2 years ago

Senior Tory joins rebellion trying to force Sunak’s hand on onshore wind ban

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Along with private backers, a rebel source said 30 Tories back the bid, coming …

UK Budget 2022: Oil and gas giants are hit by higher windfall tax in autumn statement
2 years, 1 month ago

UK Budget 2022: Oil and gas giants are hit by higher windfall tax in autumn statement

Daily Mail  

Jeremy Hunt today announced he would increase the windfall tax on oil and gas firms and extend it to power generation firms as he seeks to raise money to plug a major hole in the public finances. Email [email protected] This means wind farms in UK waters will pay a higher windfall tax than the oil and gas rigs operating nearby. …

Levy on oil and gas firms’ windfall profits expands to renewable energy
2 years, 1 month ago

Levy on oil and gas firms’ windfall profits expands to renewable energy

The Telegraph  

Energy producers have been targeted with taxes aimed at raising £54 billion by 2028 from what the Chancellor said were “windfall profits”. The new rate will take effect from Jan 1, taking oil and gas producers’ total tax rate to 75 per cent. Meanwhile, a new levy will also take effect from Jan 1 on low-carbon electricity generators, set at …

UK to raise £40bn in 5 years as Rishi Sunak extends windfall taxes on energy firms
2 years, 1 month ago

UK to raise £40bn in 5 years as Rishi Sunak extends windfall taxes on energy firms

India Today  

British Prime Minister Rishi Sunak and finance minister Jeremy Hunt are planning to extend windfall taxes on oil and gas companies to raise nearly 40 billion pounds over the next five years, a report said. The report comes days after four of the five largest global oil companies altogether reported net income amounting to nearly $50 billion, lifted by tight …

Downing Street declines to rule out bigger windfall tax on energy companies as Shell rakes in £8.2bn
2 years, 1 month ago

Downing Street declines to rule out bigger windfall tax on energy companies as Shell rakes in £8.2bn

Daily Mail  

Sources said ministers were considering extending the Energy Profits Levy Downing Street opened the door to extending the windfall tax on energy firms yesterday after Shell revealed it had raked in £8.2billion in profits without paying a penny under the existing scheme. Cabinet Office minister Nadhim Zahawi said Prime Minister Rishi Sunak and Chancellor Jeremy Hunt would 'look at every …

Rishi Sunak plans to expand windfall tax grab
2 years, 1 month ago

Rishi Sunak plans to expand windfall tax grab

The Telegraph  

New polling has suggested that voters trust Mr Sunak more than Sir Keir Starmer to handle the economy. At present the energy profits levy on oil and gas firms - known as the windfall tax - is set at 25 per cent and, according to law, will expire in December 2025. He told LBC Radio: “The Prime Minister, when chancellor, …

Rishi Sunak U-turns on Truss’s onshore wind planning reforms
2 years, 1 month ago

Rishi Sunak U-turns on Truss’s onshore wind planning reforms

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Just weeks after former prime minister Liz Truss performed a U-turn to ease onerous planning …

Windfall tax meaning explained
2 years, 2 months ago

Windfall tax meaning explained

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. To help fund this the government introduced a £5bn temporary windfall tax of 25 per cent on oil and …

Liz Truss: No windfall tax on energy companies
2 years, 4 months ago

Liz Truss: No windfall tax on energy companies

The Telegraph  

Liz Truss on Thursday night rejected calls to increase the windfall tax on energy companies to fund cost of living handouts for households, saying profit is not a “dirty word”. As a new forecast predicted that annual energy bills could soar to more than £5,000 next April, Ms Truss also said she would lift the ban on fracking. Speaking at …

Sunak accused of U-turn after pledge to cut VAT on energy bills
2 years, 4 months ago

Sunak accused of U-turn after pledge to cut VAT on energy bills

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Since the start of the contest, Mr Sunak has repeatedly accused Ms Truss of …

RIL, ONGC Shares Surge As Govt Likely To Consider Lowering Windfall Tax on Petrol, Diesel
2 years, 5 months ago

RIL, ONGC Shares Surge As Govt Likely To Consider Lowering Windfall Tax on Petrol, Diesel

News 18  

Shares of Reliance Industries Limited and ONGC surged on Thursday after media reports that the government might lower the recently implemented windfall tax in a meeting on Friday. Bhavik Patel, senior commodity/currency research analyst at TradeBulls Securities, said: “The fall in crude oil prices from $126 to $94 in the span of 6 weeks has prompted the government to reconsider …

Third of windfall tax cash raised ‘could be handed back to oil firms’
2 years, 6 months ago

Third of windfall tax cash raised ‘could be handed back to oil firms’

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A third or more of any revenue raised by the chancellor’s new windfall tax on …

Rishi Sunak’s ‘obscene’ tax relief for fossil fuel firms will ‘cost taxpayer £1.9bn a year’
2 years, 6 months ago

Rishi Sunak’s ‘obscene’ tax relief for fossil fuel firms will ‘cost taxpayer £1.9bn a year’

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak’s new tax relief on investment in oil and gas extraction in the UK …

Rishi Sunak announces incentives to extract fossil fuels amid climate crisis
2 years, 6 months ago

Rishi Sunak announces incentives to extract fossil fuels amid climate crisis

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “This measure will not only make absolutely no difference to families’ soaring energy bills, any new fossil fuel production …

Govt considers windfall tax on oil and gas giants
2 years, 6 months ago

Govt considers windfall tax on oil and gas giants

Hindustan Times  

India is considering a so-called windfall tax on oil and gas producers to offset ballooning public expenditure on fuel, food and fertiliser subsidies amid skyrocketing inflation, two people familiar with the development said on condition of anonymity. In India, the people cited in the first instance said that domestic oil and gas producers have seen a sharp rise in profits, …

UK touts help for energy bills; seeks to forget ‘partygate’
2 years, 6 months ago

UK touts help for energy bills; seeks to forget ‘partygate’

Associated Press  

LONDON — Britain’s Conservative government unveiled a 15 billion pound emergency aid package Thursday to ease a severe cost-of-living squeeze, announcing the plan a day after Prime Minister Boris Johnson vowed to “move on” from a months-long scandal over government parties during COVID-19 lockdowns. The windfall tax announcement was a U-turn for Johnson’s Conservative government, which had previously said that …

Rishi Sunak accused of 'throwing red meat to socialists' with windfall tax
2 years, 6 months ago

Rishi Sunak accused of 'throwing red meat to socialists' with windfall tax

The Telegraph  

Tory MPs have warned Rishi Sunak that his windfall tax on oil and gas giants could stifle economic growth as the Chancellor was accused of “throwing red meat to socialists”. Mr Sunak announced he is imposing a tax on the excess profits of energy firms to fund a new Government spending spree to help struggling households cope with the cost-of-living …

UK unveils $18bn household aid, 25 percent energy profit tax
2 years, 6 months ago

UK unveils $18bn household aid, 25 percent energy profit tax

Al Jazeera  

Britain has announced a 25 percent windfall tax on oil and gas producers’ profits, alongside a 15-billion-pound package of support for households struggling to pay soaring energy bills. The move, which will give each United Kingdom household a 400-pound discount on energy bills and provide more for the lowest-income households, marks a change of heart for Prime Minister Boris Johnson’s …

Rishi Sunak could introduce 1p income tax cut this year
2 years, 7 months ago

Rishi Sunak could introduce 1p income tax cut this year

Daily Mail  

Rishi Sunak is considering bringing forward a 1p income tax cut and increasing the warm home discount by hundreds of pounds amid urgent calls for the Government to tackle the cost of living crisis. Also, the basic rate of income tax cut from 20p to 19p is set to take effect in April 2024, but Treasury sources said Mr Sunak …

Tory MPs under fire after rejecting calls for windfall tax on energy giants
2 years, 7 months ago

Tory MPs under fire after rejecting calls for windfall tax on energy giants

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Conservative MPs have been accused …

Strong BP profit renews call for energy sector windfall tax
2 years, 7 months ago

Strong BP profit renews call for energy sector windfall tax

Associated Press  

LONDON — BP posted its highest quarterly profit in more than a decade thanks to surging oil and gas prices, renewing calls for a U.K. government tax on energy companies’ windfall earnings to help households struggling with rising energy bills. BP’s latest numbers stoked more debate in the U.K. about whether the government should tax energy companies that make unexpectedly …

Rift emerges between Kwasi Kwarteng and Rishi Sunak over windfall tax on oil and gas
2 years, 7 months ago

Rift emerges between Kwasi Kwarteng and Rishi Sunak over windfall tax on oil and gas

The Telegraph  

A windfall tax on oil and gas companies would be "arbitrary and unexpected", Kwasi Kwarteng has said, after the Chancellor threatened to implement the policy. "We want to encourage investment in the North Sea, we want to have domestic sources of supply, and if you are asking a company to invest in North Sea gas, which we need for new …

Rishi Sunak threatens oil and gas giants with windfall tax on profits
2 years, 7 months ago

Rishi Sunak threatens oil and gas giants with windfall tax on profits

The Telegraph  

Mr Sunak also strongly hinted that he would do more to help families if there is another sharp jump in household bills in October, when the energy price cap is expected to rise again. Mr Sunak, who is said to be personally worth £200 million after a career as a hedge fund manager, pleaded to be judged on his work, …

Voters want Rishi Sunak to impose windfall tax on energy firms in mini-budget, poll shows
2 years, 9 months ago

Voters want Rishi Sunak to impose windfall tax on energy firms in mini-budget, poll shows

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. And the Savanta ComRes survey also found majority support – including among Conservative voters – …

Rishi Sunak drops strongest hint yet that he could slash income tax
2 years, 9 months ago

Rishi Sunak drops strongest hint yet that he could slash income tax

Daily Mail  

Rishi Sunak is planning a Government blitz on the soaring cost of living as he declares it his mission to cut taxes for hard-pressed households. As Chancellor he cut the basic rate of income tax by 2 percentage points in 1988 Also writing in today's Mail on Sunday, Labour's Shadow Chancellor, Rachel Reeves, says Mr Sunak should 'grasp the seriousness …

Britain needs 'more gas, not less', says BP chief as surging profits spark calls for windfall tax
2 years, 10 months ago

Britain needs 'more gas, not less', says BP chief as surging profits spark calls for windfall tax

The Telegraph  

Looney also announced plans to increase BP's spending in renewables while cutting carbon emissions faster, as he tries to position the company for a global shift in the energy system. BP said it will launch a further $1.5bn of share buybacks before its first-quarter results, alongside a dividend payout of 5.46 cents per share for the last three months of …

Rishi Sunak planning council tax cuts and state-backed loans for energy firms to ease bills crisis
2 years, 10 months ago

Rishi Sunak planning council tax cuts and state-backed loans for energy firms to ease bills crisis

The Telegraph  

The Bank of England is also expected to announce an increase in interest rates on Thursday, potentially from 0.25 per cent to 0.5 per cent - further squeezing families with mortgages. For weeks, MPs have been calling on Mr Sunak to cut the 12 per cent of energy bills that goes towards funding green energy programmes, known as “green levies”. …

Three in four Tory voters back windfall tax on oil and gas companies
2 years, 11 months ago

Three in four Tory voters back windfall tax on oil and gas companies

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Seventy-five per cent of Tory voters told Savanta ComRes they …

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