With the Spring Finance Bill 2023 finalising the latest set of changes to the Energy (Oil and Gas) Profits Levy, it is an opportunity to reflect on the twists and turns in the implementation of this new tax. The levy applies to certain profits of oil and gas companies from upstream activity in the UK and on the UK Continental Shelf arising over the coming years, and was intended to help fund measures to subsidise household energy bills.
This article was first published in Volume 24 of Utilities Law Review in June 2023.
