PARLIAMENTARY WRITTEN QUESTION
Energy: Taxation (6 February 2023)

To ask the Chancellor of the Exchequer, what assumptions and forecasts were made of the total expenditure forecast as qualifying for 80 per cent investment allowances under section 2 of the Energy (Oil and Gas) Profits Levy Act 2022 in each year that the levy will be in force; whether assumptions were made (a) in preparation for the announcement of the levy on 26 May 2022, (b) the Autumn Statement 2022 and (c) another time; and whether different assumptions and forecasts were made at different times.

Asked by:
James Murray (Labour)

The Office for Budget Responsibility’s (OBR) forecast at Autumn Statement 2022 estimates revenues from EPL are expected to be £41.6 billion over the next five years. This is inclusive of the impact of the investment allowance.

At Autumn Statement, the OBR published their Economic and Fiscal Outlook. This includes expenditure forecasts and is available here: https://obr.uk/efo/economic-and-fiscal-outlook-november-2022/

Answered by:
James Cartlidge (Conservative)
9 February 2023