On 26 May 2022, UK Chancellor of the Exchequer, Rishi Sunak, announced the introduction of a temporary "Energy Profits Levy" on oil and gas firms that will fund a Cost of Living Support package to help vulnerable households. This follows the reported rejection of a proposed "Windfall Tax" on oil and gas companies in the House of Commons earlier in the month. Details of the Energy Profits Levy are provided in a technical note from HM Treasury as follows:
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Energy Profits Levy – Technica…