Energy Companies

[Paigntonian]

No-one seems to acknowledge that massive increased profits by the energy companies means they are paying massively increased amounts in tax.

[barry1010]

But some providers are making massive losses. Ovo has to buy the gas and electricity it provides at a higher price than the cap

[bobbinwales]

Yes they will pay more tax ( unless they find way's of avoiding) but do you mean energy companies that supply us direct like bg, edf, bulb (went bust?). Scottish Power or do you mean oil co's like shell or BP??

[THECORBYLOON]

BARRY from the Government website,

"Suppliers will apply reductions to the bills of all eligible non-domestic customers.

The government will compensate suppliers for the reduction in wholesale gas and electricity unit prices that they are passing onto non-domestic customers."

[davebro]

Which "energy companies"? The big oil & gas producers are quite different from the companies that supply domestic gas & electricity.

Incidentally October has been quite a mild month & my gas (heating) bill is less than last October so my credit amount has increased. Just saying. Electric also less due to a few economies.

[gulliver1]

And where do you think these massive amount of tax payments are going to Paign
Not in your pocket or mine , but you can bet somewhere along the line, some Tory MPs are trousering it.

[bobbinwales]

well why should any go into your pocket gulliver other than any expat state pension you would still get whatever, but its good to know your concerned for us

[tiggerblue10]

Would be good if Shell paid the the windfall tax as suggested by the CEO.

https://news.sky.com/story/energy-company-shell-reports-profits-of-9-5bn-for-q3-of-2022-but-not-at-record-levels-seen-in-first-half-of-year-12731176

[Gromit]

Most Energy producing companies are expecting a windfall tax on their huge profits. The Government would be bonkers not to do it.

[bobbinwales]

My guess and hope is there'll be a tempory increase in the windfall tax to maybe 40% but anything more on top of existing tax means theres no incentive to make profit's and the losers will be pension funds and other shareholders.... but how easy is it to say how much of shells profit comes under UK tax duristiction. It might raise a few billion ore but still havent seen where the claims of potentially near to £ hundred billion for UK alone come from

[JDavis]

They might have good tax lawyers like Vodaphone, Amazon, Starbucks etc etc.