The Chancellor delivered the Spring Budget 2024 today. We summarise below the announcements that were made on the specific rules that may be relevant to UK upstream oil and gas companies. Extension of Energy Profits Levy The Government announced that the Energy Profits Levy will be extended for 12 months so that it will now apply to 31 March 2029. The change results in additional tax receipts of £1.53bn. The Chancellor justified the extension by stating that the higher energy […]
Read More...06 Mar 2024