Windfall Tax on UK Oil and Gas Producers to Top £28 Billion

The UK expects to raise more than £28 billion ($30.9 billion) in the coming years from a windfall tax on oil and gas firms.

The revenue will go toward offsetting the huge costs of subsidizing energy bills amid a cost-of-living crisis driven by soaring gas and power prices. The forecast was released as part of Chancellor of the Exchequer Kwasi Kwarteng’s mini budget presented in Parliament on Friday and includes the period through the 2026-27 fiscal year.

Former Chancellor Rishi Sunak introduced the measure -- which places a 25% tax on the profits of oil and gas produced in ...