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08/08/2001
Oil companies could face windfall tax
A Treasury spokesman has confirmed reports that the UK government will not rule out a windfall tax on the profits of oilcompanies.
The windfall tax would be levied if petrol tax cuts for motorists are not passed on.
The spokesman said: "The Chancellor would want the duty cuts in the last budget to be passed on to consumers. Anyone can make representations (about windfall taxes) at anytime before a budget and they will be considered. Taxes are a matter for the budget and we would not rule out any measures.”
The report follows near-record profits for Oil companies such as BP, announced on Tuesday August 7.
Oil companies say much of the cost of fuel in Britain, which has angered motorists who pay some of the highest prices in Europe, is due to taxes and duties.
In the March budget however, Chancellor Gordon Brown announced a two pence cut on excise duty for petrol and a three pence cut for diesel.
The next possible opportunity that Mr Brown would have to introduce any windfall tax would be the March 2002 budget.
The last time the government levied a windfall tax was in 1997 when privatised utilities were served with a £5bn bill. (GB)
The windfall tax would be levied if petrol tax cuts for motorists are not passed on.
The spokesman said: "The Chancellor would want the duty cuts in the last budget to be passed on to consumers. Anyone can make representations (about windfall taxes) at anytime before a budget and they will be considered. Taxes are a matter for the budget and we would not rule out any measures.”
The report follows near-record profits for Oil companies such as BP, announced on Tuesday August 7.
Oil companies say much of the cost of fuel in Britain, which has angered motorists who pay some of the highest prices in Europe, is due to taxes and duties.
In the March budget however, Chancellor Gordon Brown announced a two pence cut on excise duty for petrol and a three pence cut for diesel.
The next possible opportunity that Mr Brown would have to introduce any windfall tax would be the March 2002 budget.
The last time the government levied a windfall tax was in 1997 when privatised utilities were served with a £5bn bill. (GB)
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