Windfall tax

[az city]

Re: Windfall tax

read up on the ring fenced charge and supplementary charge (start here)

Brought in by Osborne way back when.

RFCT = 30%
supplementary charge = 10%
windfall = 25%
Total 65%

my mistake, its 65% and not 60%

A few points of point of order on this thread.

Shell today announced it has paid ZERO windfall taxes in the UK in 2022. Thus its effective windfall tax rate is ZERO not 25%.

I am willing to have small bet with anyone that all the large energy suppliers (not resellers) increase dividends/engage in share buybacks in the next 2 years. That is not about increasing investment, it's about rewarding their owners. Come on Feedy, 'fess up - these guys are raking it in at the moment. I'm not hearing about a massive wave of investment.

The UK does have a staggering labour productivity problem and it's mostly related to chronic underinvestment. Jimbo won't like this (because it's a fundamental issue associated with Brexit) but UK firms are captured by a pervasive fear of the future in part related to the uncertainties around leaving the single market. I think a lot of sensible pro-Brexit advocates are beginning to realize what an unmitigated disaster for the UK Brexit was. Even Daniel Hannan (the arch Brexiteer) has started mooting the idea of rejoining the single market.

Hark ... here comes Philomena Wales now with some bollocks around "name a country that's identical to the UK apart from not being in the single market" to use for a simpleton's comparison.

Forget all this day job stuff anyway. We had better put up a decent show tomorrow - I've flown over for it.

[Feedback]

Re: Windfall tax

A few points of point of order on this thread.

Shell today announced it has paid ZERO windfall taxes in the UK in 2022. Thus its effective windfall tax rate is ZERO not 25%.

I am willing to have small bet with anyone that all the large energy suppliers (not resellers) increase dividends/engage in share buybacks in the next 2 years. That is not about increasing investment, it's about rewarding their owners. Come on Feedy, 'fess up - these guys are raking it in at the moment. I'm not hearing about a massive wave of investment.

The UK does have a staggering labour productivity problem and it's mostly related to chronic underinvestment. Jimbo won't like this (because it's a fundamental issue associated with Brexit) but UK firms are captured by a pervasive fear of the future in part related to the uncertainties around leaving the single market. I think a lot of sensible pro-Brexit advocates are beginning to realize what an unmitigated disaster for the UK Brexit was. Even Daniel Hannan (the arch Brexiteer) has started mooting the idea of rejoining the single market.

Hark ... here comes Philomena Wales now with some bollocks around "name a country that's identical to the UK apart from not being in the single market" to use for a simpleton's comparison.

Forget all this day job stuff anyway. We had better put up a decent show tomorrow - I've flown over for it.

Couple of points:

The tax rate is 65%. Companies don't choose their tax rate, it's fixed by law

Taxable profits may be zero, but this is down to the investment relief given. And share buybacks aren't tax free - their are anti avoidance rules in place. HMRC treat as income unless there is a valid commercial reason such as a restructure.

Agree with the rest.

[superfeathers]

Re: Windfall tax

read up on the ring fenced charge and supplementary charge (start here)

Brought in by Osborne way back when.

RFCT = 30%
supplementary charge = 10%
windfall = 25%
Total 65%

my mistake, its 65% and not 60%

Ah, you said "They already pay an effective rate of around 60% corporation rate on their UK profits - this is before the windfall."

so they don't they pay 40% before the windfall (which shell aren't paying anyway)

[Feedback]

Re: Windfall tax

Ah, you said "They already pay an effective rate of around 60% corporation rate on their UK profits - this is before the windfall."

so they don't they pay 40% before the windfall (which shell aren't paying anyway)

Yeah my bad, I was rushing

That'll teach me for not reading before submitting

[superfeathers]

Re: Windfall tax

Yeah my bad, I was rushing

That'll teach me for not reading before submitting

I was starting to feel sorry for these poor oil and gas people getting a windfall tax on top of 60% tax

[JamesWales]

Re: Windfall tax

A few points of point of order on this thread.

Shell today announced it has paid ZERO windfall taxes in the UK in 2022. Thus its effective windfall tax rate is ZERO not 25%.

I am willing to have small bet with anyone that all the large energy suppliers (not resellers) increase dividends/engage in share buybacks in the next 2 years. That is not about increasing investment, it's about rewarding their owners. Come on Feedy, 'fess up - these guys are raking it in at the moment. I'm not hearing about a massive wave of investment.

The UK does have a staggering labour productivity problem and it's mostly related to chronic underinvestment. Jimbo won't like this (because it's a fundamental issue associated with Brexit) but UK firms are captured by a pervasive fear of the future in part related to the uncertainties around leaving the single market. I think a lot of sensible pro-Brexit advocates are beginning to realize what an unmitigated disaster for the UK Brexit was. Even Daniel Hannan (the arch Brexiteer) has started mooting the idea of rejoining the single market.

Hark ... here comes Philomena Wales now with some bollocks around "name a country that's identical to the UK apart from not being in the single market" to use for a simpleton's comparison.

Forget all this day job stuff anyway. We had better put up a decent show tomorrow - I've flown over for it.

Forget about me this weekend mate, just make sure you have a lovely time and enjoy the football. :thumbup:

[az city]

Re: Windfall tax

Forget about me this weekend mate, just make sure you have a lovely time and enjoy the football. :thumbup:

"Football" and "lovely time" are words that are not synonyms in my mind. I get more fun about ribbing the old gits who sit around me in the stand for living on plague island. :ayatollah:

[Feedback]

Re: Windfall tax

Jimbo

What would it take for you to accept that Brexit was a bad idea?

[Claude Blue]

Re: Windfall tax

Jimbo

What would it take for you to accept that Brexit was a bad idea?

:popcorn: