Early replacement of UK windfall tax could cost £8.6bn by 2030
Replacing the UK’s current windfall tax on oil and gas companies before its scheduled end could cost the country as much as £8.6bn by 2030, campaigners warn, according to Sky News. The supplied material does not identify the proposed replacement, the campaigners or the assumptions behind the estimate.
Replacing the United Kingdom’s current windfall tax on oil and gas companies early could cost the country up to £8.6bn by 2030, campaigners have warned, according to Sky News. The estimate concerns the potential loss to public finances if the existing tax is scrapped or replaced before its current arrangements end. The supplied material does not state when the change would take place or identify the replacement system being considered.
It also does not name the campaigners who produced the warning or explain how the £8.6bn figure was calculated. No assumptions about oil and gas prices, company profits, production or tax receipts are provided. The source does not include the government’s position, a response from oil and gas companies or details of any legislative proposal.
It is therefore not possible from the supplied material to assess whether the estimated cost reflects a central forecast or a worst-case scenario. The warning presents early tax reform as a possible loss of up to £8.6bn by 2030. Further information about the policy timetable, replacement arrangements and underlying calculations was not supplied.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.