UK Government will tax ‘excess’ profits of oil company BP BECAUSE OIL prices spiked above 90 bucks a barrel – whilst providing no support when prices were at 60 bucks –
PSYCHOPATHIC HATRED OF FOSSIL FUELS
From here:
UK will tax soaring BP profits from Iran war, says Ed Miliband | Middle East Eye
“Ed Miliband, the UK’s energy and net zero minister, has said his government will tax windfall profits for companies like BP to help with the cost-of-living crisis fuelled by the war on Iran.”
Typical ignorance of manic ‘net zero’ freaks.
Much of the reason for the cost-of-living crisis in the UK is not just from rising oil prices BUT ALSO the price being paid – by the poor, sick and elderly for electricity produced from RENEWABLES such as wind and solar.
“The UK Treasury will increase a windfall tax on excess profits made by electricity generators in Britain from 45 percent to 55 percent when gas prices spike, the Guardian reported. The funds raised will help the government to support households during the energy crisis.
‘As of April 2026, the UK is not imposing a specific, separate windfall tax on BP solely triggered by oil prices exceeding $100 a barrel. Instead, BP is subject to the existing Energy Profits Levy (EPL), which has a flat rate of 38% on profits from UK oil and gas extraction, regardless of the current market price of oil.
The specific mechanism designed to trigger a tax when oil prices are “unusually high” (specifically above $90 a barrel) is the Oil and Gas Price Mechanism (OGPM). However, the OGPM is scheduled to replace the Energy Profits Levy in 2030 (or earlier if a price floor is triggered). Since the EPL remains in force until then, BP continues to pay the 38% levy on its UK profits, which is added to the standard 40% corporation tax and supplementary charge, resulting in a total effective tax rate of approximately 78% on North Sea profits.
Current Levy: Energy Profits Levy (EPL) at 38%.
Total Effective Tax Rate: Approximately 78% (including 30% corporation tax, 10% supplementary charge, and the 38% levy).
Future Mechanism: The Oil and Gas Price Mechanism (OGPM) will apply an additional 35% tax on revenues above $90/barrel (and 90p/therm for gas) starting in 2030.
Scope: These taxes apply only to profits from UK waters; BP’s global profits are taxed under the laws of the countries where they are generated.
Please take a (paid or unpaid) subscription or forward this article to those you think might be interested.
You can also donate via Ko-fi – any amount from three dollars upwards. Ko-fi donations here: