Windfall tax on oil profits mooted

A spokesperson for the Treasury told the Guardian newspaper that the move was a possibility.

The news of a the tax comes on the back of the massive profits announced by oil giant BP, which angered fuel protestors and motorists.

Garry Russell, organiser of the Dump the Pump campaign, called the profits ‘obscene’ and said it was time the chancellor imposed huge windfall taxes.

BP has already paid out Pounds 1.6bn to shareholders this year after. And the oil giant is expecting to raise its dividend payout by 5% for the second quarter of the year

Yesterday the group announced profits of Pounds 3.8bn, equalling a surplus of Pounds 1.3m an hour.

Links’s tax page

Related reading