UK energy windfall tax extended to 2029
The Energy Profits Levy (EPL) – the so-called windfall tax on UK-produced oil and gas – is to be extended to 2029, UK Chancellor of the Exchequer Jeremy Hunt announced in today’s spring budget.
The 35% levy on profits from upstream production, following Russia’s invasion of Ukraine which sent gas prices soaring, was due to end in March 2028.
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