TaxCorporate TaxEnergy companies to avoid windfall tax

Energy companies to avoid windfall tax

Prime minister working with energy companies on initiatives to avoid a one-off tax

Gordon Brown is to resist pressure from Labour backbenchers to introduce a
windfall tax on energy companies to help poor families cope with rising fuel
bills.

The prime minister is working with companies in the energy industry to come
up with a range of initiatives to help the poorest cope with higher gas and
electricity prices and avoid the need for a windfall tax.

Energy groups are said to be co-operating with Brown in order to avoid the
threat of a tax, including investing profits into renewable energy and bidding
for an extra 3% of emissions trading permits, according to the
Financial Times.

It is understood that Brown is taking personal charge of the initiative which
will form part of an autumn policy relaunch, with a £2.75bn drive to make
low-income family homes more energy efficient also mentioned

Further reading:

Government mulls increase in
carbon credits sold at auction

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