Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the $9.5 billion quarter three profits reported by Shell and reported comments from that company’s CEO that it is ready for further windfall taxation, if he will make an assessment of the potential merits increasing the Energy Profits Levy.

The Energy Profits Levy (EPL) was introduced from 26 May in response to sharp increases in oil and gas prices over the past year and to help fund cost of living support for UK households.

The EPL is an additional 25 per cent surcharge on UK oil and gas profits, taking the combined headline tax rate for oil and gas companies operating in the UK and on the UK Continental Shelf to 65 per cent, more than triple the rate paid by other businesses.

As with all taxes, this is kept under review. It would not be appropriate for the Government to comment on the affairs of individual taxpayers.