Draft legislation: Energy (Oil and Gas) Profits Levy Bill: consultation

"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."

21 June 2022 - consultation opened

28 June 2022 - consultation closes

7 July 2022 - outcome published

Policy milestone details

Start date: 2022-6-21

Keywords: Windfall tax

Countries: UK -

Milestone source: Link to consultation

Milestone type: Consultation/call for evidence

Sector: Finance and investment - Policy and governance -

Organisation: HM Revenue & Customs

Subjects: Oil and gas, Energy policy, Legislation