Offshore Industry: Taxation
Commons · Question 62223 · Tabled 24 Jun 2025 · Treasury · Official record
Answered 2 Jul 2025
Question
Asked by Wera Hobhouse
To ask the Chancellor of the Exchequer, whether she plans to increase taxes on oil and gas companies to help fund investment in (a) clean energy, (b) home insulation and (c) other climate measures.
Answer
Answered by James Murray, 2 Jul 2025
The oil and gas industry is currently subject to a headline tax rate of 78%, which includes the 38% Energy Profits Levy, following reforms announced by the government at Autumn Budget 2024. At the Autumn Budget 2024, the Government announced it would incr...