With all this talk about windfall tax for energy companies I'm suprised nobody is talking about the Torys scrapping Petroleum Revenue tax in the 2016 budget. Used to bring in 0.5% of GDP in tax revenue iirc
EDIT:
Yup, 0.7% of GDP at peak, but zero rated in 2016.
https://obr.uk/forecasts-in-depth/tax-by-tax-spend-by-spend/oil-and-gas-revenues/
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With all this talk about windfall tax for energy companies I'm suprised nobody is talking about the Torys scrapping Petroleum Revenue tax in the 2016 budget. Used to bring in 0.5% of GDP in tax revenue iirc
EDIT:
Yup, 0.7% of GDP at peak, but zero rated in 2016.
https://obr.uk/forecasts-in-depth/tax-by-tax-spend-by-spend/oil-and-gas-revenues/