North Sea tax regime as complex as a ‘war zone’, warns oil group

Quick Summary:

He noted that neither Labour nor the Conservatives had committed in their manifestos to cutting windfall taxes to recognise a decline in prices.

The Conservative government, which introduced the windfall tax after the breakout of the Russia-Ukraine conflict in 2022, has pledged to keep the levy until 2028-29 unless prices fall “back to normal” sooner.

The party’s plans to raise the windfall tax on oil producers from 75 per cent to 78 per cent have prompted warnings from businesses and unions that as many as 100,000 jobs, mostly in Scotland, are at risk.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Lukanyo Mnyanda

Category: MarketsFinanceInvesting

Markets: United StatesUkraine

Topics: Latin Serica Labour’s Company Financial Windfall Thursday Producers Labour North Taxes

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-27 @ 13:27:00 (4 days ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 676 words

Reading Time: 4 minutes read

Sentences: 23 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 21402544

View Article Analysis

About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 5 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 11 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

Publisher Details

Frequently Asked Questions