>In January, the windfall tax was increased to 35% and will run until March 2028.
> Oil and gas firms operating in the North Sea also pay 30% corporation tax on their profits and a supplementary 10% rate on top of that. Other firms currently pay corporation tax at 25%.
I don’t want to hear oil and gas is “subsidised” or don’t pay enough tax. They pay more tax than just about anyone else.
If you want to reduce prices and profits your goal should be to maximize supply. Disincentizing production will only lead to higher prices, then you get to be mad at them again in the future when prices are still high. Trapped in a vicious cycle of your own making.
Headline should read
“Labour says what it thinks people want to hear.”
I can’t wait to indirectly pay more tax via my energy payments …and on every other purchase I make as companies increase prices to cover increased energy payments !
Thank you labour for another well thought out policy. The sheep will certainly wet themselves over it! Not sure how they’ll take it when you don’t deliver …… or are you going to pull a fast one by imposing a 10% supertax increase while reducing other taxes by 10% ?
The energy companies have persuaded government to let them largely [wriggle out of the recent windfall taxes](https://www.bbc.co.uk/news/business-63409687) by allowing then to instead ‘invest’ in more oil and gas exploration – which we should not be doing.
> However, firms have been able to reduce the amount of tax they pay by factoring in losses or spending on things like decommissioning North Sea oil platforms. It means that in recent years, the likes of BP and Shell have paid almost no tax in the UK.
How as humans this goes on and we are told to accept it is beyond me
They will light their e cigs with burning bills first
Oil and gas companies who operate in Norwegian waters pay 80% tax..
Being how much renewables are being fed into the grid prices should be coming down!
I’m sure if the energy firms start making large donations to Starmer’s Labour campaign it will all be forgotten about in the coming months. It’s just a form of not so subtle extortion really.
I’m sure if they get in they’ll get right on that.. yeahhh. Press X to doubt
taxing at higher rate is fine.
here though we are talking of profit, which means that they could decrease the fees, and yet make money.
increasing taxes won’t decrease fees.
imposing lower fees will decrease fees.
sincerely, I don’t care that much if they pay more taxes, when my energy bill is 4 times higher. i need to pay less, and allow the money i save to go into circulation.
I love how O&G threads always end up filled with people defending the indefensible
Look at almost any other nations and their nationals stakes in every platform and barrel, their wealth funds, tax rates and so on
But nope we are unique, if we touch it it’ll somehow all collapse and be bad for the public.
And it’s been this way since the 70’s. These firms have taken the piss for decades in the uk and still people can’t wait to jump to their defence.
Well yes, obviously there should be a windfall tax. That’s just common sense. But the Govt. would prefer their neoliberal rubbish.
Windfall taxes / higher taxes aren’t addressing the fundamental problem with our energy market.
What the government needs to do is reform the market so the highest cost fuel is not setting the price for all energy.
I can’t believe the government is *this* incompetent, so it must be corruption that lets the current situation continue.
Pumping billions of taxpayer cash to energy firm shareholders is an abomination.
Given energy is essential for society to function – isn’t there good cause to nationalise these energy firms?
Take away the profit and that’s £21 billion a year saved that could be used to reduce prices, invest in renewables etc…
How about you just don’t raise the energy cap in the first place and let me keep my money?
I rather see the money go back in my pocket thank you very much!…. in the form of reduced energy bills 🤔
Thats £21900000000 profit per year… How can they get away with rising the prices again and again??? its confusing how some people need to choose either eating or heating and the company making everybody suffer is making sooooooo much profit from peoples misery
18 comments
>In January, the windfall tax was increased to 35% and will run until March 2028.
> Oil and gas firms operating in the North Sea also pay 30% corporation tax on their profits and a supplementary 10% rate on top of that. Other firms currently pay corporation tax at 25%.
I don’t want to hear oil and gas is “subsidised” or don’t pay enough tax. They pay more tax than just about anyone else.
If you want to reduce prices and profits your goal should be to maximize supply. Disincentizing production will only lead to higher prices, then you get to be mad at them again in the future when prices are still high. Trapped in a vicious cycle of your own making.
Headline should read
“Labour says what it thinks people want to hear.”
I can’t wait to indirectly pay more tax via my energy payments …and on every other purchase I make as companies increase prices to cover increased energy payments !
Thank you labour for another well thought out policy. The sheep will certainly wet themselves over it! Not sure how they’ll take it when you don’t deliver …… or are you going to pull a fast one by imposing a 10% supertax increase while reducing other taxes by 10% ?
Good. The[ case for a windfall](https://www.theguardian.com/commentisfree/2022/feb/11/uk-windfall-tax-oil-gas-bp-profits) tax is strong
The energy companies have persuaded government to let them largely [wriggle out of the recent windfall taxes](https://www.bbc.co.uk/news/business-63409687) by allowing then to instead ‘invest’ in more oil and gas exploration – which we should not be doing.
> However, firms have been able to reduce the amount of tax they pay by factoring in losses or spending on things like decommissioning North Sea oil platforms. It means that in recent years, the likes of BP and Shell have paid almost no tax in the UK.
We need to literally, so far as is possible,[ leave fossil fuels in the ground.](https://www.theguardian.com/environment/georgemonbiot/2015/jan/07/why-leaving-fossil-fuels-in-ground-good-for-everyone)
How as humans this goes on and we are told to accept it is beyond me
They will light their e cigs with burning bills first
Oil and gas companies who operate in Norwegian waters pay 80% tax..
Being how much renewables are being fed into the grid prices should be coming down!
I’m sure if the energy firms start making large donations to Starmer’s Labour campaign it will all be forgotten about in the coming months. It’s just a form of not so subtle extortion really.
I’m sure if they get in they’ll get right on that.. yeahhh. Press X to doubt
taxing at higher rate is fine.
here though we are talking of profit, which means that they could decrease the fees, and yet make money.
increasing taxes won’t decrease fees.
imposing lower fees will decrease fees.
sincerely, I don’t care that much if they pay more taxes, when my energy bill is 4 times higher. i need to pay less, and allow the money i save to go into circulation.
I love how O&G threads always end up filled with people defending the indefensible
Look at almost any other nations and their nationals stakes in every platform and barrel, their wealth funds, tax rates and so on
But nope we are unique, if we touch it it’ll somehow all collapse and be bad for the public.
And it’s been this way since the 70’s. These firms have taken the piss for decades in the uk and still people can’t wait to jump to their defence.
Well yes, obviously there should be a windfall tax. That’s just common sense. But the Govt. would prefer their neoliberal rubbish.
Windfall taxes / higher taxes aren’t addressing the fundamental problem with our energy market.
What the government needs to do is reform the market so the highest cost fuel is not setting the price for all energy.
I can’t believe the government is *this* incompetent, so it must be corruption that lets the current situation continue.
Pumping billions of taxpayer cash to energy firm shareholders is an abomination.
Given energy is essential for society to function – isn’t there good cause to nationalise these energy firms?
Take away the profit and that’s £21 billion a year saved that could be used to reduce prices, invest in renewables etc…
How about you just don’t raise the energy cap in the first place and let me keep my money?
I rather see the money go back in my pocket thank you very much!…. in the form of reduced energy bills 🤔
Thats £21900000000 profit per year… How can they get away with rising the prices again and again??? its confusing how some people need to choose either eating or heating and the company making everybody suffer is making sooooooo much profit from peoples misery