The North Sea Transition Authority (NSTA) has made the following updates to its ‘Taxation Overview’ webpage within the Exploration and Production part of its website:
Energy Profits Levy (EPL)
– The current rate of 25% will increase to 35% from 1 January 2023 until 31 March 2028
– The charge to the EPL may be reduced by an investment allowance which is currently set at a rate of 80% of investment expenditure. From 1 January 2023 this will change to 29%
Marginal Tax Rate (MTR)
– The current rate of 65% will increase to 75% from 1 January 2023 until 31 March 2028
Source: NSTA.