Feb 7, 2023
Analysis
Is it right that Shell and BP made $70bn profit in 2022 but pay little tax in the UK? Yes. And also, no.
Only 5% of Shell’s profit is made in the UK, so we should be unsurprised that only a small amount of its huge profits are taxed in the UK. But when energy companies make “windfall profits”, at the expense of the rest of us, there is a case that normal principles shouldn’t apply, and the windfall should be taxed.
