Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential effect of allowing investment expenditure under the Energy (Oil and Gas) Profits Levy Act 2022 as a subsidy, under the provisions of the Subsidy Control Act 2022, on (a) the levels of future oil and gas production and (b) tax revenues.

The Government does not consider the Energy Profit Levy’s investment allowance for investment expenditure to be a subsidy under the Subsidy Control Act 2022.