Cape Times (Digital)

Cape Times (Digital)

1 Issue, 2024-09-03

Windfall tax on oil to cost UK fiscus £12bn

LONDON: British government plans to increase a windfall tax on North Sea oil and gas producers would lead to a nearly £12 billion (about R282bn) drop in revenue and accelerate a decline in output, industry group Offshore Energies UK said yesterday. The Labour government, elected in July, has said the changes will help to ramp up renewable power and shift from oil and gas in order to reduce carbon emissions. Offshore Energies said the changes would reduce tax revenue by £12bn between 2025 and 2029, compared to the current tax regime. Capital investment in the sector over the period is expected to fall to £2.3bn from around £14bn, the group said. | Reuters…
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Cape Times (Digital) - 1 Issue, 2024-09-03

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