UK Hits Oil & Gas Companies With 25% Windfall Tax

Following months of rumors and indecision, the UK government announced on Thursday a 25% Energy Profits Levy, commonly referred to as a “windfall tax”, as part of a package to ease the cost-of-living crisis stemming from huge rises in household energy bills. The UK Chancellor of the Exchequer, Rishi Sunak, announced on Thursday a new temporary 25% Energy Profits Levy for oil and gas companies, reflecting their extraordinary profits as oil and gas prices surged. The move has long been opposed by the industry, which argues that a windfall…