Evening Standard
Shell yet to pay any extra windfall tax, bosses confirm
Oil giants were hit by an extra windfall charge in May this year, but they could get around it by investing more in the UK.By August Graham: 27 Oct 2022
Oil giant Shell has avoided paying any extra windfall tax despite making record profits so far this year as the business said it was investing heavily in the North Sea.
The company said that it does not expect to pay any extra tax this year due to the Government’s decision in May to put a windfall tax on North Sea oil and gas producers.
Finance boss Sinead Gorman told reporters on Thursday that the company had done enough over recent months to avoid the tax – which allowed companies to get tax relief in exchange for investment.
“Heavy capex (capital expenditure) has meant that we haven’t had extra tax coming through in this quarter yet,” she said.
“I do expect to see that extra tax … to happen quite early in the first quarter of 2023, but we’ll see what plays out with prices as well.”