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1728024

registered interest
date	09/09/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report by Offshore Energies UK entitled Impact of UKCS fiscal policy on UK economic growth, published on 2 September 2024, if she will make an assessment of the potential impact of (a) increasing the headline rate of the Energy Profits Levy to 78%, (b) extending the Energy Profits Levy for a year and (c) removing all allowances associated with the Energy Profits Levy on the level of capital investment on the UK continental shelf in the period between 2025 and 2029.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	4758
answer	answer is ministerial correction date of answer 17/09/2024 answer text <p>In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.</p><p> </p><p>Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.</p> answering member constituency Ealing North answering member printed James Murray grouped question UIN 4759 4760 4761 question first answered 17/09/2024 15:01:45 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie

1728025

registered interest
date	09/09/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report by Offshore Energies UK entitled Impact of UKCS fiscal policy on UK economic growth, published on 2 September 2024, if she will make an assessment of the potential impact of (a) increasing the headline rate of the Energy Profits Levy to 78%, (b) extending the Energy Profits Levy for a year and (c) removing all allowances associated with the Energy Profits Levy on the total economic value of the sector in the period between 2025 and 2029.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	4759
answer	answer is ministerial correction date of answer 17/09/2024 answer text <p>In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.</p><p> </p><p>Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.</p> answering member constituency Ealing North answering member printed James Murray grouped question UIN 4758 4760 4761 question first answered 17/09/2024 15:01:45 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie

1728026

registered interest
date	09/09/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report by Offshore Energies UK entitled Impact of UKCS fiscal policy on UK economic growth, published on 2 September 2024, if she will make an assessment of the potential impact of (a) increasing the headline rate of the Energy Profits Levy to 78%, (b) extending the Energy Profits Levy for a year and (c) removing all allowances associated with the Energy Profits Levy on (i) demand for supply chain companies and (ii) business decisions on the location of (A) resource capability and (B) assets in that sector.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	4760
answer	answer is ministerial correction date of answer 17/09/2024 answer text <p>In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.</p><p> </p><p>Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.</p> answering member constituency Ealing North answering member printed James Murray grouped question UIN 4758 4759 4761 question first answered 17/09/2024 15:01:45 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie

1728027

registered interest
date	09/09/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the report by Offshore Energies UK entitled Impact of UKCS fiscal policy on UK economic growth, published on 2 September 2024, if she will make an assessment of the potential impact of (a) increasing the headline rate of the Energy Profits Levy to 78%, (b) extending the Energy Profits Levy for a year and (c) removing all allowances associated with the Energy Profits Levy on the (i) level of employment and (ii) number of projects that will start in the period to 2029.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	4761
answer	answer is ministerial correction date of answer 17/09/2024 answer text <p>In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.</p><p> </p><p>Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.</p> answering member constituency Ealing North answering member printed James Murray grouped question UIN 4758 4759 4760 question first answered 17/09/2024 15:01:45 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie

1725976

registered interest
date	30/08/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing a windfall tax for energy companies to help support consumers with the cost of energy bills.
tabling member constituency	Liverpool Wavertree
tabling member printed	Paula Barker
uin	3216
answer	answer is ministerial correction date of answer 09/09/2024 answer text <p>The Energy Profits Levy (EPL) was introduced in May 2022 to tax the extraordinary profits of oil and gas companies operating in the UK and on the UK Continental Shelf. The levy is currently set at a rate of 35%, bringing the overall headline tax rate on upstream oil and gas activities to 75%.</p><p> </p><p>In July, the government announced it would deliver on the commitment it made, whilst in opposition, to ensure the oil and gas industry contribute more towards our clean energy transition. This will be achieved by extending the EPL to March 2030, increasing its rate by three percentage points to 38%, and by removing unjustifiably generous investment allowances. Money raised from these changes will support accelerating the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks.</p><p> </p><p>The EPL changes will be implemented from 1 November, with further details to be announced at Budget.</p><p> </p> answering member constituency Ealing North answering member printed James Murray question first answered 09/09/2024 11:34:12 answering member 4797 label Biography information for James Murray
tabling member	4828 label Biography information for Paula Barker

1726244

registered interest
date	30/08/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what her planned timetable is for increasing the rate at which the Energy Profits Levy is charged.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	3674
answer	answer is ministerial correction date of answer 09/09/2024 answer text <p>Changes to the Energy Profits Levy (EPL), including increasing the levy by 3 per cent to 38 per cent and removing the levy’s 29% investment allowance, will be implemented from 1 November 2024. This was announced by the Chancellor on 29<sup>th</sup> July and the Government will legislate for these changes in the Autumn Finance Bill.</p><p> </p> answering member constituency Ealing North answering member printed James Murray grouped question UIN 3675 question first answered 09/09/2024 12:52:44 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie

1726245

registered interest
date	30/08/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what her planned timetable is for ending the investment allowance within the Energy Profits Levy.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	3675
answer	answer is ministerial correction date of answer 09/09/2024 answer text <p>Changes to the Energy Profits Levy (EPL), including increasing the levy by 3 per cent to 38 per cent and removing the levy’s 29% investment allowance, will be implemented from 1 November 2024. This was announced by the Chancellor on 29<sup>th</sup> July and the Government will legislate for these changes in the Autumn Finance Bill.</p><p> </p> answering member constituency Ealing North answering member printed James Murray grouped question UIN 3674 question first answered 09/09/2024 12:52:44 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie

1724578

registered interest
date	30/07/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of ending the investment allowance within the Energy Profits Levy on investment in the (a) economy and (b) energy transition.
tabling member constituency	East Surrey
tabling member printed	Claire Coutinho
uin	2533
answer	answer is ministerial correction date of answer 04/09/2024 answer text <p>In July, the Government announced its intention to remove the Energy Profits Levy’s (EPL) 29% main investment allowance. Further details of final policy and impacts will be announced at Budget.</p><p> </p><p>A key outcome of the government’s clean energy mission will be greater energy security and independence. The government will achieve a phased and responsible transition by taking a proportionate approach that ensures the oil and gas sector continues to play a role whilst contributing more towards our clean energy transition.</p> answering member constituency Ealing North answering member printed James Murray question first answered 04/09/2024 10:46:40 answering member 4797 label Biography information for James Murray
tabling member	4806 label Biography information for Claire Coutinho

1724011

registered interest
date	29/07/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the likely impact of their proposed increase in the windfall tax on the UK’s energy security.
tabling member printed	Lord Taylor of Warwick
uin	HL469
answer	answer is ministerial correction date of answer 07/08/2024 answer text <p>A key outcome of the government’s clean energy mission will be greater energy security and independence. The government recognises that oil and gas production in the North Sea will continue to play a role in our energy mix for decades to come. The government will achieve a phased and responsible transition by taking a proportionate approach that ensures the oil and gas sector continues to play a role whilst contributing more towards our clean energy transition.</p><p> </p> answering member printed Lord Livermore question first answered 07/08/2024 10:13:25 answering member 4559 label Biography information for Lord Livermore
tabling member	1796 label Biography information for Lord Taylor of Warwick

1723303

registered interest
date	24/07/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment she has made of the potential economic impact of the Energy Profits Levy on the North East of Scotland.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	1539
answer	answer is ministerial correction date of answer 01/08/2024 answer text <p>The Office for Budget Responsibility’s (OBR) most recent forecast of tax revenues from the oil and gas sector was published at Spring Budget 2024 in the Economic and Fiscal Outlook (EFO) March 2024. It can be found at: <a href="https://obr.uk/docs/dlm_uploads/E03057758_OBR_EFO-March-2024_Web-AccessibleFinal.pdf" target="_blank">https://obr.uk/docs/dlm_uploads/E03057758_OBR_EFO-March-2024_Web-AccessibleFinal.pdf</a></p><p> </p><p>Forecasts for investment in the sector are published alongside the EFO. All OBR oil and gas forecasts will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf (UKCS) and do not provide a breakdown by region.</p> answering member constituency Ealing North answering member printed James Murray question first answered 01/08/2024 16:00:01 answering member 4797 label Biography information for James Murray
tabling member	4601 label Biography information for Andrew Bowie