{"id":64556,"date":"2022-08-31T07:24:47","date_gmt":"2022-08-31T06:24:47","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=64556"},"modified":"2022-08-31T07:24:47","modified_gmt":"2022-08-31T06:24:47","slug":"we-need-a-proper-windfall-profits-tax","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/08\/31\/we-need-a-proper-windfall-profits-tax\/","title":{"rendered":"We need a proper windfall profits tax"},"content":{"rendered":"<p>According to Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-30\/uk-predicts-up-to-170-billion-excess-profits-for-energy-firms?utm_source=POLITICO.EU&amp;utm_campaign=08aac38702-EMAIL_CAMPAIGN_2022_08_31_03_58&amp;utm_medium=email&amp;utm_term=0_10959edeb5-08aac38702-190601092#xj4y7vzkg\" target=\"_blank\" rel=\"noopener noreferrer\">this morning<\/a>:<\/p>\n<blockquote><p>UK gas producers and electricity generators may make excess profits totaling as much as \u00a3170 billion ($199 billion) over the next two years, according to Treasury estimates that lay bare the revenue-raising potential of a windfall tax.<\/p>\n<p>Treasury officials will deliver the assessment to the next prime minister when they take office on Sept. 6, according to a person familiar with the matter, who asked not to be identified discussing internal calculations.<\/p><\/blockquote>\n<p>The Treasury apparently denied awareness of this data.<\/p>\n<p>I have four questions. First, if this is true why aren\u2019t Tories talking about it?<\/p>\n<p>Second, why is the existing windfall profits tax set at 25%, with massive loopholes to undermine that rate built in?<\/p>\n<p>Third, when will the scope and rate of this tax be increased, substantially?<\/p>\n<p>Fourth, <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/08\/29\/we-could-massively-reduce-the-price-of-energy-in-the-uk-by-changing-the-way-we-regulate-energy-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\">when will measures to stop these profits arising be taken, as noted here by me?<\/a><\/p>\n<p>We need to know.<\/p>\n<p>Last, when will this be extended to banks profiting from interest rate rises?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Bloomberg this morning: UK gas producers and electricity generators may make excess profits totaling as much as \u00a3170 billion ($199 billion) over the<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/08\/31\/we-need-a-proper-windfall-profits-tax\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35,16,106],"tags":[],"class_list":["post-64556","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics","category-ethics","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=64556"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64556\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=64556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=64556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=64556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}