Written Question·Treasury·UIN 11877

Offshore Industry: North Sea

Tabled: 30 October 2024

Answered: 6 November 2024

Named Day

Question

Mark Garnier

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the removal of the investment allowance on the amount of (a) oil and (b) gas extracted from the North Sea in the next five years.

Answer

James Murray

At Autumn Budget 2024 the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be ...

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