Energy Profits Levy: Energy Security Investment Mechanism legislation
This tax information and impact note is about amending the Energy Profits Levy to make sure it permanently ends if prices return to historically normal levels.
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皇冠体育app Energy Profits Levy is a temporary tax on the exceptional profits of oil and gas companies.
This measure provides for the Energy Investment Security Mechanism (ESIM). It will end the Energy Profits Levy early if the 6-month average price for both oil and gas is at or below the ESIM threshold prices.
皇冠体育app ESIM threshold prices are 71.40 dollars per barrel for oil and 拢0.54 per therm for gas. 皇冠体育appse thresholds are based on a 20-year average to the end of 2022. 皇冠体育appse thresholds will be adjusted from 1 April 2024, and annually thereafter, by the preceding December鈥檚 Consumer Prices Index figure.