The UK’s windfall tax on the profits of oil and gas companies will be extended to 2029.
Officially titled The Energy Profits Levy, it was introduced in 2022 to ensure that oil and gas producers in the UK “pay their fair share of tax from
extraordinary profits”. The Government said the extension was motivated by the forecasts of gas prices to “remain abnormally high until at least 2028-29”.
Mr Hunt told MPs it would raise a further £1.5bn.