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Oil Giants to Be Hit by Windfall Tax in U.K.
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wsj.comLONDON—The U.K. said it would impose a temporary levy on oil-and-gas producers to help soften the pain of soaring energy prices on consumers, a rare so-called windfall tax aimed at blunting a worsening cost-of-living crisis.
British officials said Thursday they will introduce an “energy profits levy” of 25% that will eventually phase out as oil and gas prices decline. They said the surcharge amounts to an additional tax on top of current rates, effective immediately and lasting potentially to the end of 2025.
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