'New research has found that oil giant Shell paid £0 in tax on their UK oil and gas production in 2021. Instead they were net beneficiaries, pocketing £100m in handouts from the UK government. The likes of Norway and the US gained £17bn in tax from the firm over the same period.
Since 2016, both BP and Shell have been huge net beneficiaries of the UK tax system, having been handed a cumulative total of £727m of UK taxpayers’ money over this period. This is despite the firms making £10s of billions in profit and paying £bns in tax in other jurisdictions.
Had the UK implemented the same tax regime as Norway on these oil and gas corporations, British taxpayers would now be better off to the tune of over £1,000,000,000,000 (one trillion pounds). Y