Sunday, 29 May 2022

With a Built-In Loophole?

The UK's apparent 'U-turn' on applying a windfall tax (or 'Energy Profits Levy') on the excessive, unearned profits of the North Sea oil and gas companies seems to have a built-in loophole (https://www.theguardian.com/business/2022/may/29/loophole-could-let-north-sea-oil-and-gas-giants-slash-uk-windfall-tax-bill). The 'temporary' tax was supposed to bring in circa £5bn, ear-marked to help fund people dropping into fuel poverty (where at least 10% of their income is spent on electricity and gas). The petrochemical giants will be able to reduce their tax 'burden', by claiming they are making investments. Shell and BP accountants will be able to reduce taxes (the companies already receive many financial perks). The arrangement appears to be a smoke and mirrors job, designed to distract from 'partygate'.
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