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The Energy Profits Levy (EPL) is expected to raise around £5 billion in its first
12 months. The final costing will be subject to scrutiny by the Office for Budget
Responsibility and will be set out at the next fiscal event.<p> </p><p>In future years,
if oil and gas prices return to historically more normal levels, the Government will
phase out the Energy Profits Levy. The legislation also includes a sunset clause,
effective at the end of December 2025.</p><p> </p><p>No assessment of additional revenue
the Levy would raise each year in the event that it were extended until 2030 has been
made.</p><p> </p>
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