Jan 6, 2023
Shell to pay UK tax for first time in five years
Shell has said it will pay tax in the UK for the first time since 2017 after making huge global profits last year. Shell will not disclose at present how much UK tax it will finally pay. The company confirmed that it does expect to pay some tax in the UK for the first time since 2017. On top of that, they now pay the windfall tax taking their total tax rate to 75%. However, there has been concerns there are flaws in the policy. It has meant that in recent years, companies such as BP and Shell have paid little or no tax in the UK. The Energy Profits Levy also has a measure that allows energy companies to apply for tax savings worth 91p of every £1 invested in fossil fuel extraction in the UK. However there are also fears that introducing tougher taxes on oil and gas companies could put them off investing in UK renewable energy.
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