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UK House of Commons Rejects Windfall Tax on Oil and Gas Producers — Orbitax Tax News & Alerts

The UK House of Commons voted to reject a proposed windfall tax on oil and gas producers in a debate held on 17 May 2022. The windfall tax had been proposed by the UK opposition Labour Party to fund a package of measures to reduce energy price increases. In particular, revenue from the windfall tax would have been used to offset a proposal to cut (remove) VAT on home energy bills for a year.