The tax was announced by Rishi Sunak as part of a £21bn support package aimed at helping people cope with the rising cost of living
"And, longer term, the proposed tax reliefs for investment don't extend to the renewable energy system we want to drive forward in the UK and invest in very substantially.Please use Chrome browser for a more accessible video playerThe new windfall tax includes an investment allowance to incentivise oil and gas firms to invest in"UK extraction", according to the Treasury.
Companies can already claim tax relief on what they invest, but the government said a new investment allowance will take the total they get back to 91p for every £1 they invest.The new allowance, which will give firms 80% off the windfall tax, will be provided at the point of investment, which the government said is more immediate than reliefs that are currently in place.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Energy prices: What is a windfall tax and how would it work?Labour are calling for a windfall tax on the profits of oil and gas companies.
Read more »
Rishi Sunak to cut energy bills by £400 with windfall tax on oil and gas firms amid cost of living crisisRISHI Sunak is braced to give every household in Britain hundreds of pounds off their energy bill to help with the cost of living crisis. The Chancellor, who is expected to announce the plans in th…
Read more »
UK energy bills to be cut by hundreds as part of £10bn support packageThe £10bn support package is expected to be largely funded by a windfall tax on oil and gas firms.
Read more »
Windfall Tax: All you need to know about the new Rishi Sunak levyAfter weeks of insisting that a windfall tax on oil and gas companies would discourage them from investing in the UK, Rishi Sunak performed a U-turn on Thursday by announcing the government would impose a one-off levy on energy companies to pay for a £15bn emergency aid package.
Read more »
Windfall tax 'will bring about job losses', energy industry warns - as Rishi Sunak to address cost of living crisisWindfall tax 'will bring about job losses', energy boss says - as Rishi Sunak to address cost of living crisis
Read more »