News & Events
Chancellor announces windfall tax on energy firms
Rishi Sunak, the Chancellor, will impose a windfall tax on energy companies as part of a package to help consumers cope with the cost-of-living problem. Mr Sunak stated that a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be imposed on oil and gas corporations to reflect their enormous profits. The charge is estimated to raise £5 billion for the Treasury, and the legislation will include a sunset clause to ensure that it is only in place for a…