Crosswords1 min ago
Tax Grab
Harbour energy, a North Sea producer says its £2,500Million profit was reduced to £8Million after tax.
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Seems a tax to curb excessive profiteering has been used for a huge tax grab by the Government.
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Seems a tax to curb excessive profiteering has been used for a huge tax grab by the Government.
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I supported a windfall tax, but the way it has been implemented in this case makes no sense.
I was against profiteering from the Ukraine war by energy companies hiking their prices to its customers.
The Government has not just taken excessive profits, they have taken nearly ALL the profit.
Before the war Harbour made £101million after tax. This year it made £8million after tax.
I assumed the windfall would be on profits above normal (£101million), not on ALL the profit for last year.
Yet another simple thing the Government cannot get right.
I was against profiteering from the Ukraine war by energy companies hiking their prices to its customers.
The Government has not just taken excessive profits, they have taken nearly ALL the profit.
Before the war Harbour made £101million after tax. This year it made £8million after tax.
I assumed the windfall would be on profits above normal (£101million), not on ALL the profit for last year.
Yet another simple thing the Government cannot get right.
No. Of course all the difference between 2.5 billion and 8 million isnt tax, how could it be . Best to read your own article to answer your own question
"However, its total tax expense increased to $2.5bn in 2022, up from $213m a year earlier. This included taxes of just over $700m, along with a one-off tax charge of $1.7bn related to the energy profits levy – effectively money set aside to cover likely windfall tax costs between now and 2028."
So they chose to set aside £1.8 billion- they havent paid that 1.8 billion, theyve just put it aside (wonder if its a tax avoidance measure now?)
"However, its total tax expense increased to $2.5bn in 2022, up from $213m a year earlier. This included taxes of just over $700m, along with a one-off tax charge of $1.7bn related to the energy profits levy – effectively money set aside to cover likely windfall tax costs between now and 2028."
So they chose to set aside £1.8 billion- they havent paid that 1.8 billion, theyve just put it aside (wonder if its a tax avoidance measure now?)
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