Treasury expects £11bn taxes from North Sea in 2022
However receipts are expected to drop dramatically in years to come as prices drop.
Office for Budget Responsibility (OBR)
French giant TotalEnergies accounting for $1bn windfall tax hit ahead of 2022 results
North Sea operator TotalEnergies (LON: TTE) expects to shell out millions of pounds to the UK Government, as a result of the divisive windfall tax.
Treasury takings from oil and gas could hit all time high in 2023-24
Prolonged high oil and gas prices and the new windfall tax mean the UK Government could soon set a new record for tax receipts from the sector.
North Sea dodges windfall tax – but Treasury’s oil and gas receipts head for highest in over a decade
The North Sea has dodged calls for a windfall tax, but Treasury receipts from the sector are set to surge to their highest in over a decade.
UK Treasury predicts £1.4billion boost from North Sea tax receipts as COP26 looms
The UK Treasury has increased its expectations for tax receipts from the North Sea oil and gas sector ahead of the COP26 climate conference.
OBR forecast for UK oil tax receipts slashed 80% for 2024
The forecast for tax revenue the UK Treasury will take from oil and gas in the future has been slashed by the Office for Budget Responsibility (OBR).
OBR cuts forecast for North Sea tax receipts
The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
Budget forecasts on North Sea revenues will be ‘wrong’ due to oil price freefall
The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
OBR lowers forecast for UK oil and gas revenues
A new report has lowered forecasts for UK oil and gas revenues by an average of £600million per year to 2024.