• The UK government has announced that from 1 January 2023 the Energy Profits Levy (EPL) on oil and gas companies will increase from 25% to 35%, with the levy remaining in place until the end of March 2028. This represents an extension of two years.
• The extra investment deduction (“allowance”) from taxable profit for EPL purposes has been reduced from 80% to 29%. Overall the cash tax relief for investment in the UK remains at about 90 p in the £.
• Based on the Phase I development of the Annin ....
22 Nov 2022
Hartshead Resources NL (ASX: HHR): Changes to UK windfall tax on oil and gas has limited impact
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Hartshead Resources NL (ASX: HHR): Changes to UK windfall tax on oil and gas has limited impact
Hartshead Resources NL (HHR:ASX) | 0 0 0.0%
- Published:
22 Nov 2022 -
Author:
Stephane Foucaud -
Pages:
5
• The UK government has announced that from 1 January 2023 the Energy Profits Levy (EPL) on oil and gas companies will increase from 25% to 35%, with the levy remaining in place until the end of March 2028. This represents an extension of two years.
• The extra investment deduction (“allowance”) from taxable profit for EPL purposes has been reduced from 80% to 29%. Overall the cash tax relief for investment in the UK remains at about 90 p in the £.
• Based on the Phase I development of the Annin ....