Originally Posted by
Vindec
I can't answer that but doubt anyone on here can. I'll have a go though but my understanding of the situation might be incorrect. My understanding is that the profits made by companies such as BP and Shell are earned globally and the excess profits won't fall to be taxed entirely in the UK. It was my further understanding that the £170bn profit, even if subject to a windfall tax applicable to the UK, would not generate anything like the sums required to pay for the level of government subsidy required. It seems to me that the noises made by the Labour front bench are disingenuous but the answer can only lie with the accountants of the companies concerned and HMRC.. Starmer and Co might be correct, and if they are, dismissing an additional windfall tax to the 65% these companies already pay, seems strange. But I suspect that Labour are playing politics with this as the profit generated by these companies will not be taxable in the UK.
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