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tabling member printed	Lloyd Russell-Moyle
hansard heading	Oil and Natural Gas: Taxation

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registered interest

date

exactly:

or between:
and

answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member constituency

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member constituency

answering member printed

question first answered

answering member


label

tabling member


label

1695456

registered interest

date

12/03/2024

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Oil and Natural Gas: Taxation

house id

legislature

25259

	pref label	House of Commons

question text

To ask the Chancellor of the Exchequer, if he will take steps (a) for tax relief generated through the investment allowance for oil and gas companies through the Energy Profits Levy to be returned to the Exchequer and (b) to allocate that money to the construction of a 5GW offshore wind farm.

tabling member constituency

Brighton, Kemptown

tabling member printed

Lloyd Russell-Moyle

uin

18231

answer

is ministerial correction

date of answer

20/03/2024

answer text

<p>The UK currently requires oil and gas to meet our energy needs, and there will be a continued role for oil and gas over the coming decades. The Energy Profits Levy includes investment allowances which give the oil and gas sector additional incentives to reinvest its profits to support the economy, jobs and the UK’s energy security. <br> <br>The Government already provides significant support for low-carbon electricity generation development through the Contracts for Difference (CfD) scheme, which has been hugely successful in driving the deployment of renewable energy whilst reducing costs. Since introduction, the CfD has contracted over 30GW of low-carbon generation including 20GW of offshore wind.</p>

answering member constituency

Grantham and Stamford

answering member printed

Gareth Davies

question first answered

20/03/2024 14:06:12

answering member

4850

	label	Biography information for Gareth Davies

tabling member

4615

	label	Biography information for Lloyd Russell-Moyle