Rishi Sunak unveils £5bn windfall tax on oil and gas giants

26th May 2022


UK chancellor Rishi Sunak has today confirmed a temporary windfall tax on the profits of oil and gas firms to help with the cost-of-living crisis.

The one-off Energy Profits Levy will be charged on oil and gas company profits at a rate of 25%, and is expected to raise around £5bn in its first 12 months. The move comes amid surging commodity pric

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