Windfall tax extended by government on oil and gas companies

Chancellor Jeremy Hunt said that the energy profits levy, which charges oil and gas companies an extra 35% tax on the money they make in the UK, would be extended until 2029.

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Chancellor Jeremy Hunt announced the continuation of the windfall tax on oil and gas companies for an additional year due to the sustained high prices of oil and gas.

The energy profits levy, imposing an additional 35% tax on the profits of oil and gas companies operating in the UK, will now be in effect until 2029.

However, if energy prices decrease to more typical levels, the tax will be removed. This extension is projected to generate approximately £1.5 billion in revenue, according to Hunt.

Read more: Government extends windfall tax on oil and gas companies | The Independent

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