UK Windfall Tax See Oil Giant Shell Pay First Net Taxes in Years

Shell PLC recorded its first net corporate taxes paid in the UK in at least four years, following the implementation of an oil and gas windfall levy by the government, Bloomberg reported on Monday.  From 2018 to 2021, Shell had received UK tax credits for North Sea investment expenses and the decommissioning of aging platforms. In 2022, Bloomberg reported that Shell paid $40.5 million in tax on $1.81 billion in UK profit as a result of the new Energy Profits Levy.  Back in January this year, Shell had warned investors it would…