1-9 of 9 results for subject:Taxation
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I welcome the Minister to her new role. As we all know, Shell is making windfall profits—more than double those last year. Despite that, it is not paying a penny of the UK’s windfall tax, because of a get-out clause that obscenely incentivises new oil and gas extraction in the UK. Given that we know that drilling for more fossil fuels is incompatible with the target of 1.5°C to avert climate catastrophe, will the Government now remove that loophole?
I welcome the Minister to her new role. As we all know, Shell is making windfall profits—more than double those last year. Despite that, it is not paying a penny of the UK’s windfall tax, because of a get-out clause that obscenely incentivises new oil and gas extraction in the UK. Given that we know that drilling for more fossil fuels is incompatible with the target of 1.5°C to avert climate catastrophe, will the Government now remove that loophole?
All matters of tax are for His Majesty’s Treasury, but it is clear that all our formerly fossil fuel companies are indeed energy companies, and they are investing incredibly heavily across the piece in renewables as well. We will continue to work with them to ensure that they invest their profits wisely.
All matters of tax are for His Majesty’s Treasury, but it is clear that all our formerly fossil fuel companies are indeed energy companies, and they are investing incredibly heavily across the piece in renewables as well. We will continue to work with them to ensure that they invest their profits wisely.
All matters of tax are for His Majesty’s Treasury, but it is clear that all our formerly fossil fuel companies are indeed energy companies, and they are investing incredibly heavily across the piece in renewables as well. We will continue to work with them to ensure that they invest their profits wisely.
I welcome the Minister to her new role. As we all know, Shell is making windfall profits—more than double those last year. Despite that, it is not paying a penny of the UK’s windfall tax, because of a get-out clause that obscenely incentivises new oil and gas extraction in the UK. Given that we know that drilling for more fossil fuels is incompatible with the target of 1.5°C to avert climate catastrophe, will the Government now remove that loophole?
I have said repeatedly that it is absurd to suggest that bringing in gas from abroad, for instance, with higher emissions attached to that and paying billions of pounds for it, is sensible when we can produce it at home. That is why we incentivise investment in the North sea. It is declining, it is a managed decline, and it is compatible with net zero. It is about time that the hon. Lady backed the British economy and British jobs, and did not play politics with this issue.
I have said repeatedly that it is absurd to suggest that bringing in gas from abroad, for instance, with higher emissions attached to that and paying billions of pounds for it, is sensible when we can produce it at home. That is why we incentivise investment in the North sea. It is declining, it is a managed decline, and it is compatible with net zero. It is about time that the hon. Lady backed the British economy and British jobs, and did not play politics with this issue.
Shell and BP have announced bumper profits while they have also benefited from a loophole put in place by the now Prime Minister which means they secure taxpayer support for drilling oil in our North sea. Does the Minister think that that is a good decision or a bad decision ahead of the COP27 summit?
Shell and BP have announced bumper profits while they have also benefited from a loophole put in place by the now Prime Minister which means they secure taxpayer support for drilling oil in our North sea. Does the Minister think that that is a good decision or a bad decision ahead of the COP27 summit?
Shell and BP have announced bumper profits while they have also benefited from a loophole put in place by the now Prime Minister which means they secure taxpayer support for drilling oil in our North sea. Does the Minister think that that is a good decision or a bad decision ahead of the COP27 summit?
I have said repeatedly that it is absurd to suggest that bringing in gas from abroad, for instance, with higher emissions attached to that and paying billions of pounds for it, is sensible when we can produce it at home. That is why we incentivise investment in the North sea. It is declining, it is a managed decline, and it is compatible with net zero. It is about time that the hon. Lady backed the British economy and British jobs, and did not play politics with this issue.
To ask the President of COP26, whether he has had discussions with the Chancellor of the Exchequer on the implications for the UK’s net-zero emissions target in the context of the super-deduction for UK oil and gas extraction through the Energy Profits Levy.
To ask the President of COP26, whether he has had discussions with the Chancellor of the Exchequer on the implications for the UK’s net-zero emissions target in the context of the super-deduction for UK oil and gas extraction through the Energy Profits Levy.
The COP President meets Cabinet colleagues regularly on a wide range of issues.
To ask the President of COP26, what steps he taking to reach an international agreement on carbon pricing.
To ask the President of COP26, what steps he taking to reach an international agreement on carbon pricing.
At COP26, the UK Presidency secured an agreement on the rules, guidance and procedures to implement Article 6 of the Paris Agreement, which gives guidance on how countries may choose to cooperate and use carbon markets to help achieve their climate objectives. Other carbon pricing mechanisms, such as carbon taxes, or carbon border adjustment mechanisms were not an agenda item at COP26.
This year the UK launched its own emissions trading scheme (ETS) and will be exploring opportunities for international cooperation. This could include the possibility of linking the UK ETS to similar systems in other countries.
To ask the President of COP26, if he will ensure that the potential merits of a carbon border tax or carbon border adjustment mechanism is discussed at the COP26 summit.
To ask the President of COP26, if he will ensure that the potential merits of a carbon border tax or carbon border adjustment mechanism is discussed at the COP26 summit.
Carbon Border Adjustment Mechanisms (CBAM) are not on the agenda for discussion at COP26. The agenda at COP26 will be determined by mandates as agreed by Parties at previous COPs and adopted by consensus.
What assessment he has made of carbon pricing mechanisms in the run-up to COP26.
What assessment he has made of carbon pricing mechanisms in the run-up to COP26.
Carbon pricing has been shown to incentivise investment in renewable energy in a cost-effective manner. The UK has long been a supporter of carbon pricing and continues to lead the way with the new UK Emissions Trading System.
What steps he is taking to secure an international carbon price that is sufficient to effect consumer behavioural change in the run-up to COP26.
What steps he is taking to secure an international carbon price that is sufficient to effect consumer behavioural change in the run-up to COP26.
Carbon pricing has been shown to incentivise investment in renewable energy in a cost-effective manner. The UK has long been a supporter of carbon pricing and continues to lead the way with the new UK Emissions Trading System.