1 Increase in rate of tax
Finance Act 2023 (2023 c 1) | Legislation

Energy (oil and gas) profits levy

1  Increase in rate of tax

(1)     In section 1 of the Energy (Oil and Gas) Profits Levy Act 2022 (charge to tax), in subsection (1), for “25%” substitute “35%”.

(2)     The amendment made by subsection (1) has effect for accounting periods beginning on or after 1 January 2023.

(3)     In the case of an accounting period (a “straddling period”) beginning before 1 January 2023 and ending on or after that date—

(a)     the Energy (Oil and Gas) Profits Levy Act 2022 is to apply as if so much of the straddling period as falls before that date, and so much of the straddling period as falls on or after that date, were separate accounting periods, and

(b)     the company's levy profits or loss determined for the straddling

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