Shell takes staggering £1.9billion hit after UK and EU tax excess profits

In October, Shell Oil UK announced a doubling of its profits, stacking up £8billion profits in just 13 weeks. But the UK-headquartered oil firm said it had not paid a windfall tax levy and did not expect to throughout 2022 as it spent large sums on drilling for more oil in the North Sea.

However, Shell said it has finally been slapped with an undisclosed tax bill under the levy for the profits it raked in for last year. It added that some of this cash had been paid out to the exchequer. The firm received tax rebates from Britain in the previous four years.

The company also admitted that it would book a $2billion (£1.65bn) one-off charge in the fourth quarter for windfall taxes in the EU and the increased energy profits levy in Britain. 

This added to a $360million (£297million hit the firm already disclosed to investors in its third-quarter results for October, taking the total losses from EU and UK taxes to almost $2.4billion (£1.9billion). 

Article source: https://www.express.co.uk/news/science/1718178/shell-windfall-tax-energy-profits-levy-eu-north-sea