Draft legislation: Energy (Oil and Gas) Profits Levy Bill
Detail of outcome
There were minor changes to the legislation as a result of the technical consultation, and a change in relation to the treatment of repayments of petroleum revenue tax.
The Energy (Oil and Gas) Profits Levy Act 2022 has been published.
Original consultation
Consultation description
On 26 May 2022 the government announced a new 25% surcharge on the extraordinary profits the oil and gas sector is making.
It will raise around £5 billion over the next year which will go towards supporting people with the cost of living support measures, also announced in May.
The draft legislation includes a sunset clause for the Energy Profits Levy, effective at the end of December 2025.
The government is now seeking technical feedback on the draft legislation before the Energy (Oil and Gas) Profits Levy Bill is published. This is to ensure that the legislation operates as the government intends.
Before submitting your response, you can read the:
- (draft) Energy (Oil and Gas) Profits Levy Bill
- (draft) explanatory note
- Energy Profits Levy technical note
- Energy Profits Levy factsheet
Documents
Last updated 7 July 2022 + show all updates
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Detail of outcome published, including link to legislation. Also, please note that the launch date has been amended to '21 June'; it had previously been published, incorrectly, as '20 June'.
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First published.