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UK Set to Limit Energy Windfall Tax to Boost Investment
The UK Treasury announced a plan to ease a windfall tax on the profits of UK oil and gas companies. The tax rate, which has been at 75% for the companies since last year, will return to 40% if average energy prices fall to $71.40 a barrel for oil and 54 pence a therm for gas for two consecutive quarters, the government said Friday. That mechanism will “protect domestic energy supply and help safeguard some of the tens of thousands of jobs reliant on the sector”, the government said in a statement. But it also said it’s unlikely the mechanism will be triggered before the tax’s planned end date in March 2028. ... (full story)