North Sea Transition Authority

Company

Last mentioned: Mar 4, 2026

Timeline

  1. Reeves Reaffirmation

    Chancellor Reeves confirms the commitment to end the windfall tax in talks with industry bosses.

  2. Labour Government Election

    Labour takes office with a pledge to review the energy fiscal regime.

  3. Tax Rate Increase

    The EPL was increased to 35%, bringing the total effective tax rate to 75%.

  4. EPL Introduced

    The original 25% Energy Profits Levy was introduced by the Conservative government.

Stories mentioning North Sea Transition Authority 1

regulation Bullish

Reeves Signals End to North Sea Windfall Tax to Restore Fiscal Stability

Chancellor Rachel Reeves has reaffirmed the UK government's commitment to sunsetting the Energy Profits Levy during high-level talks with North Sea oil and gas executives. The move aims to provide the regulatory certainty needed to unlock billions in energy sector investment and secure the UK's domestic energy supply.

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