UK Considers Extending Windfall Tax on Oil and Gas Firms
- Proposals include increasing rate, scope and duration of tax
- Chancellor Hunt is trying to plug £35 billion budget hole
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Chancellor of the Exchequer Jeremy Hunt is considering extending the UK’s windfall tax on oil and gas companies as he looks for ways to plug a £35 billion ($40 billion) budget hole.
Hunt is looking at a significant expansion of the tax, raising the rate to 30 per cent from 25 per cent and imposing it until 2028 rather than 2026, according to a person familiar with the matter, who spoke anonymously about plans that aren’t finalized. The chancellor is also considering extending it to electricity generators, the person said.