Autumn Statement 2022 KPMG responds to the Energy Profits Levy
Claire Angell, UK Head of Tax for Energy at KPMG responds to changes to the Energy Profits Levy announced in today’s Autumn Statement.
Claire Angell, UK Head of Tax for Energy at KPMG responds to changes to the Energy Profits
“The energy sector has the greatest infrastructure needs of any sector in the UK economy and will need to attract billions of pounds in private sector capital over the coming years to ensure energy security, deliver our Net Zero targets, and keep energy bills down for businesses and households.
“Whilst a case can be made for windfall taxes given the recent high energy prices, an increase in the windfall tax on oil and gas companies, and the new windfall tax on electricity generators, does risk making it harder for the UK to attract the foreign investment it needs, at a time when other countries are providing significant long-term incentives for investments in the Energy Transition, like the Inflation Reduction Act does in the US.”
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