Welligence UK | The EPL increase – the UK Treasury takes another bite out of the North Sea

November 18, 2022

On 17 November, the UK Chancellor of the Exchequer announced an increase to the Energy Profits Levy (EPL), a windfall tax charged to oil and gas producers on the UKCS. Originally set at 25% from May 2022 to end-2025, it has been increased to 35% (effective 2023) and the duration has been extended until March 2028.