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North Sea oil and gas producers say UK windfall tax is a 'wrecking ball'
Britain's decision to increase a windfall tax on oil and gas producers to help pay for its push to grow renewables will lead to a sharp drop in revenue and accelerate the ageing basin's decline, North Sea drillers said. The new Labour government announced on Monday it will increase the Energy Profits Levy (EPL) by 3% to 38% starting Nov. 1, bringing the headline rate of tax on oil and gas activities to 78%, among the highest in the world. It will also scrap the levy's 29% investment allowance, which allows companies to offset tax from capital that is re-invested. Its duration was also extended to March 2030. The ... (full story)