Domesday Live

Energy profits levy: how the rate has changed

Business. The energy profits levy is a temporary extra tax on the profits oil and gas firms make in the UK and its waters. It was introduced in May 2022 when energy prices surged. It sits on top of the normal 30% ring fence corporation tax and a 10% supplementary charge, so the combined headline rate is now 78%.

Worth knowing

• At the Autumn Budget 2024 the levy was set to run until 31 March 2030, and its investment allowance was removed.