The new investment allowance of 91p (for every £1 spent by the oil and gas sector e.g. companies such as BP and Shell) should apply solely to investment in renewable energy projects. The investment allowance for investing in oil and gas extraction should be reduced to 25p for every £1 spent.
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The energy sector can make 91p tax saving for every £1 spent on oil and gas extraction in the UK. This was originally 46p. The new tax saving doesn't apply to renewable energy projects. The UK Government expects £5 billion in tax revenue from the EPL. The 5 biggest oil companies shared profits of nearly $100bn in 1st 6 months of 2022. People need help this winter to afford fuel and food. The economy will need further support. £5 billion additional tax revenue from the current EPL isn't enough.