UK HMRC has published the draft Energy (Oil and Gas) Profits Levy Bill, providing for the introduction of a new 25% surcharge on the extraordinary profits of the oil and gas sector arising on or after 26 May 2022. HMRC has also published the draft explanatory note for the bill, including the following policy background:
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Policy background
Following record high oil and gas prices over the past year due to global circumstances, and to help fund more cost-of-living support for UK famili…