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Written Question
Carbon Emissions: Taxation
Tuesday 9th May 2023

Asked by: Craig Mackinlay (Conservative - South Thanet)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made a comparative assessment of the competitiveness of the UK's carbon taxation regime.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

The UK Emissions Trading Scheme is our main carbon pricing scheme and promotes cost-effective decarbonisation by allowing businesses to cut carbon where it is cheapest to do so.

The Government remains committed to supporting the competitiveness of UK sectors.

This is why we protect ETS participants by allocating free allowances, with installations vulnerable to carbon leakage receiving up to 100% of their emissions allowances for free based on sector benchmarks.


Written Question
Energy: Taxation
Friday 3rd March 2023

Asked by: Craig Mackinlay (Conservative - South Thanet)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to convene a roundtable for independent oil companies operating in the North Sea on the potential impact of the Energy Profits Levy on investment in the UK.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

The Energy Profits Levy (EPL) was introduced in May 2022 in response to sharp increases in oil and gas prices over the past year. At the Autumn Statement 2022, the Chancellor announced that the rate of the levy would rise by ten percentage points to 35% from 1 January 2023 and will last until 31 March 2028.

The government has been clear it wants to see the oil and gas sector reinvest its profits to support the economy, jobs and the UK’s energy security. That is why the levy includes a new investment allowance, ensuring that for every £1 an oil and gas company spends, they can claim around 91p in tax relief for most types of investment expenditure.

For every £100 an oil and gas company invests to decarbonise upstream oil and gas production, they will be able to deduct £109.25 when calculating their levy profits. This provides an immediate and significant fiscal incentive to reinvest profits in the UK.

The government published a Tax Information and Impact Note (TIIN) on the Energy Profits Levy changes announced at the Autumn Statement. This is available at: https://www.gov.uk/government/publications/changes-to-the-energy-oil-and-gas-profits-levy/energy-oil-and-gas-profits-levy. The TIIN sets out that the levy is not expected to have a significant macroeconomic impact on the level of business investment.

In December 2022, the Chancellor attended a roundtable with representatives from the oil and gas sector. The government has regular engagement with a range of stakeholders, including independent oil and gas companies operating in the North Sea, and I have also met with representatives of North Sea Oil and Gas.


Written Question
Energy: Taxation
Friday 24th February 2023

Asked by: Craig Mackinlay (Conservative - South Thanet)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the impact of the Energy Profits Levy on investment in the North Sea, including by independent operators.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

The Energy Profits Levy (EPL) was introduced in May 2022 in response to sharp increases in oil and gas prices over the past year. At the Autumn Statement 2022, the Chancellor announced that the rate of the levy would rise by ten percentage points to 35% from 1 January 2023 and will last until 31 March 2028.

The government has been clear it wants to see the oil and gas sector reinvest its profits to support the economy, jobs and the UK’s energy security. That is why the levy includes a new investment allowance, ensuring that for every £1 an oil and gas company spends, they can claim around 91p in tax relief for most types of investment expenditure.

For every £100 an oil and gas company invests to decarbonise upstream oil and gas production, they will be able to deduct £109.25 when calculating their levy profits. This provides an immediate and significant fiscal incentive to reinvest profits in the UK.

The government published a Tax Information and Impact Note (TIIN) on the Energy Profits Levy changes announced at the Autumn Statement. This is available at: https://www.gov.uk/government/publications/changes-to-the-energy-oil-and-gas-profits-levy/energy-oil-and-gas-profits-levy. The TIIN sets out that the levy is not expected to have a significant macroeconomic impact on the level of business investment.

In December 2022, the Chancellor attended a roundtable with representatives from the oil and gas sector. The government has regular engagement with a range of stakeholders, including independent oil and gas companies operating in the North Sea, and I have also met with representatives of North Sea Oil and Gas.


Written Question
Energy: Taxation
Friday 24th February 2023

Asked by: Craig Mackinlay (Conservative - South Thanet)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has made a recent assessment of the potential impact of the Energy Profits Levy on independent North Sea oil and gas companies.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

The Energy Profits Levy (EPL) was introduced in May 2022 in response to sharp increases in oil and gas prices over the past year. At the Autumn Statement 2022, the Chancellor announced that the rate of the levy would rise by ten percentage points to 35% from 1 January 2023 and will last until 31 March 2028.

The government has been clear it wants to see the oil and gas sector reinvest its profits to support the economy, jobs and the UK’s energy security. That is why the levy includes a new investment allowance, ensuring that for every £1 an oil and gas company spends, they can claim around 91p in tax relief for most types of investment expenditure.

For every £100 an oil and gas company invests to decarbonise upstream oil and gas production, they will be able to deduct £109.25 when calculating their levy profits. This provides an immediate and significant fiscal incentive to reinvest profits in the UK.

The government published a Tax Information and Impact Note (TIIN) on the Energy Profits Levy changes announced at the Autumn Statement. This is available at: https://www.gov.uk/government/publications/changes-to-the-energy-oil-and-gas-profits-levy/energy-oil-and-gas-profits-levy. The TIIN sets out that the levy is not expected to have a significant macroeconomic impact on the level of business investment.

In December 2022, the Chancellor attended a roundtable with representatives from the oil and gas sector. The government has regular engagement with a range of stakeholders, including independent oil and gas companies operating in the North Sea, and I have also met with representatives of North Sea Oil and Gas.


Speech in Commons Chamber - Fri 23 Sep 2022
The Growth Plan

Speech Link

View all Craig Mackinlay (Con - South Thanet) contributions to the debate on: The Growth Plan

Speech in Commons Chamber - Mon 11 Jul 2022
Energy (Oil and Gas) Profits Levy Bill

Speech Link

View all Craig Mackinlay (Con - South Thanet) contributions to the debate on: Energy (Oil and Gas) Profits Levy Bill

Speech in Commons Chamber - Mon 11 Jul 2022
Energy (Oil and Gas) Profits Levy Bill

Speech Link

View all Craig Mackinlay (Con - South Thanet) contributions to the debate on: Energy (Oil and Gas) Profits Levy Bill

Speech in Commons Chamber - Mon 11 Jul 2022
Energy (Oil and Gas) Profits Levy Bill

Speech Link

View all Craig Mackinlay (Con - South Thanet) contributions to the debate on: Energy (Oil and Gas) Profits Levy Bill

Speech in Commons Chamber - Mon 11 Jul 2022
Energy (Oil and Gas) Profits Levy Bill

Speech Link

View all Craig Mackinlay (Con - South Thanet) contributions to the debate on: Energy (Oil and Gas) Profits Levy Bill

Speech in Commons Chamber - Mon 11 Jul 2022
Energy (Oil and Gas) Profits Levy Bill

Speech Link

View all Craig Mackinlay (Con - South Thanet) contributions to the debate on: Energy (Oil and Gas) Profits Levy Bill