Question to the HM Treasury:

To ask His Majesty's Government whether they are planning to increase the Energy Profits Levy.

The Government introduced a temporary windfall tax, the Energy Profits Levy (EPL), on extraordinary profits from oil and gas companies in 2022. The EPL currently levies 38% tax on profits in addition to the 40% rate of tax in the permanent fiscal regime

The EPL will come to an end either on 31 March 2030 or earlier if the Energy Security Investment Mechanism (ESIM) triggers, and will be replaced by the permanent Oil and Gas Revenue Levy (OGRL) which will become a permanent feature of the tax system and operate only in times of high prices to ensure oil and gas companies continue to pay their fair share of tax.