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Written question asked by Lord Moynihan (Conservative) on Wednesday, 22 July 2026, in the House of Lords. It was due for an answer on Wednesday, 5 August 2026. It was answered by Lord Pitt-Watson (Labour) on Thursday, 30 July 2026 on behalf of the Treasury.

Energy: Taxation

Question

To ask His Majesty's Government whether they are planning to increase the Energy Profits Levy.

Answer

The Government introduced a temporary windfall tax, the Energy Profits Levy (EPL), on extraordinary profits from oil and gas companies in 2022. The EPL currently levies 38% tax on profits in addition to the 40% rate of tax in the permanent fiscal regime


The EPL will come to an end either on 31 March 2030 or earlier if the Energy Security Investment Mechanism (ESIM) triggers, and will be replaced by the permanent Oil and Gas Revenue Levy (OGRL) which will become a permanent feature of the tax system and operate only in times of high prices to ensure oil and gas companies continue to pay their fair share of tax.

Secondary information

Type
Written question
Reference
HL2572
Session
2026-27
Subjects
Energy Profits Taxation
Link
View this Written question on www.parliament.uk