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Shell Hasn’t Been Paying UK Windfall Tax as Profits Double (2)

Oct. 27, 2022, 12:17 PM

Shell Plc didn’t pay the UK windfall tax in the third quarter, a period in which its profit doubled to $9.45 billion, because it was making big investments in North Sea fields.

The fact that Shell wasn’t liable for the levy, which was designed to allow companies to reduce their payments if they invest in new production, nevertheless threatens to amplify the controversy about record oil-company earnings at a time when most people are struggling with soaring energy bills.

There are growing calls for British Prime Minister Rishi Sunak, who imposed the windfall tax in May when he was Chancellor ...