To ask Her Majesty's Government what plans they have to build a review mechanism into the energy profits levy.
Answered on
14 July 2022
The Energy Profits Levy will raise around £5 billion over the next year which will help fund more cost of living support for households.
The Levy will be temporary, and will be phased out if oil and gas prices return to historically more normal levels. A sunset clause effective 31 December 2025 will be written into the legislation.
The Government keeps all taxes under review and any changes are considered and announced by the Chancellor.
Answered by
Treasury