Changes to windfall tax could see oil and gas giants handed billions
The sun rising behind a redundant oil platform moored in the Firth of Forth near Kirkcaldy, Fife, April 27, 2020THE Treasury is considering changes to the windfall tax which could hand billions to oil and gas corporations, campaigners warned today.
Proposals drafted by oil and gas lobby group Offshore Energies UK suggest removing the Energy Profits Levy at the end of this year, which would save the industry a mammoth £5.8bn in tax over the next decade.
Politico, which first reported the story, said that the Treasury was weighing up energy bosses’ proposals to scrap the tax as soon as next year.
At the same time, promised investment in energy efficiency to cut household bills could also potentially be slashed.
Sources told the Guardian that the government is looking at reducing obligations under which energy firms help pay for measures such as insulation and new heating schemes.
Campaigners have suggested that the giveaway could effectively cut Britain’s energy efficiency budget by £6.4bn.
Uplift deputy director Robert Palmer said with firms already making billions while Britons struggle with unaffordable energy bills, considering scrapping measures to cut household bills while cutting taxes for profiteering oil companies would be deeply unfair.
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