Moved by
Lord Teverson
13: After Clause 15, insert the following new Clause—
“Energy profits levy
(1) The Secretary of State must lay before Parliament an assessment of the additional revenue that would result from the following policy measures—
(a) amending the Energy (Oil and Gas) Profits Levy so that it applies to oil and gas profits incurred since 1 October 2021,
(b) removing from the Energy (Oil and Gas) Profits Levy allowances for investment in oil and gas extraction,
(c) increasing the rate of the Energy (Oil and Gas) Profits Levy beyond 25%, and
(d) implementing a windfall tax on the excess profits of coal- and gas-fired power stations.
(2) In addition, the Secretary of State must lay before Parliament an official estimate of the oil and gas super profits over the next 2 years.
(3) The Secretary of State must lay the report before Parliament no later than 31 October 2022.”
Member’s explanatory statement
This new Clause would require the Secretary of State to lay a report before Parliament detailing the impact of expanding the government’s Energy (Oil and Gas) Profits Levy.