High energy prices lead to extension of profit tax
| Published date | 07 March 2024 |
| Publication title | Huddersfield Daily Examiner |
The tax will however be abolished should energy prices fall back down to more normal levels. The extension is expected to raise around £1.5 billion, Mr Hunt said.
"We want to encourage investment in the North Sea so we will retain generous investment allowances for the sector," he said. "We will also legislate in the Finance Bill to abolish the Energy Profits Levy should market prices fall to their historic norm for a sustained period of time.
"But because the increase in energy prices caused by the Ukraine war is expected to last longer, so too will the sector's windfall profits. So I will extend the sunset on the Energy Profits Levy for an additional year to 2029."
Kate Mulvany, principal consultant at energy...
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