UK oil and gas tax

Rachel Reeves, the UK’s Chancellor of the Exchequer, delivered Labour’s first budget in over a decade, confirming a rise in the headline tax rate for the oil and gas industry to 78%, one of the highest globally.  This tax will also extend until 31 March 2030. The UK Offshore Energies Association (OEUK) warned in September that the tax would threaten jobs and disrupt progress toward net-zero targets, stressing the need for industry-government collaboration. The Labour…