The UK will impose a 25% levy on excess profits from oil and gas companies as part of measures to address the cost of living crisis, HM Treasury said in a statement
LONDON (Pakistan Point News / Sputnik - 26th May, 2022) The UK will impose a 25% levy on excess profits from oil and gas companies as part of measures to address the cost of living crisis, HM Treasury said in a statement.
"To help pay for the extra support - which takes the total direct government cost of living support to �37 billion - the Chancellor said a new temporary 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting their extraordinary profits," the statement says.
"New temporary Energy Profits Levy on oil and gas firms will raise around �5 billion over the next year to help with cost of living," it added.
