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ARTICLE · 22 NOVEMBER 2022

Autumn Statement - Business Tax Changes

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It was long awaited, and preceded by more speculation than usual about the UK tax changes we could expect from it, but the Chancellor of the Exchequer finally delivered his Autumn Statement yesterday.

United StatesTax
Graham Brough
Graham Brough

It was long awaited, and preceded by more speculation than usual about the UK tax changes we could expect from it, but the Chancellor of the Exchequer finally delivered his Autumn Statement yesterday. Some of that speculation, particularly on windfall taxes in the UK energy sector, was accurate and below is our summary of the main business tax points from that statement.

Energy Profits Levy

The Energy Profits Levy (EPL) was first introduced in May this year and charged a new temporary levy of 25% on UK oil and gas profits. On top of the existing 30% corporation tax rate and the 10% supplementary charge applicable to such profits, this took the headline tax rate for them up to 65%. This was accompanied by a new 80% investment allowance for the EPL which meant that for every £100 of qualifying expenditure, they would get a £91.25 tax saving. These measures were temporary, and would have ceased to have effect on profits accruing after 31 December 2025 or such

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