UK Extends Windfall Tax on Oil Profits by a Year To 2029

The UK is extending the windfall tax on oil and gas operators in the UK North Sea by a year to March 2029, Chancellor of the Exchequer Jeremy Hunt said in the spring budget statement, in a move expected by analysts and opposed by the industry.   The initial windfall tax, officially known as the Energy Profits Levy, was implemented in May 2022, when the government of Rishi Sunak announced a temporary 25% tax intended to represent extraordinary profits as oil and gas prices surged. In November 2022, that levy was increased by 10 percentage points…