Jersey Oil & Gas Faces New Tax Hike

Jersey Oil and Gas (GB:JOG) has released an update.

Jersey Oil & Gas has informed stakeholders of significant changes to the UK’s Energy Profits Levy, which will see an increase to 38% from November 2024, consequently pushing the total tax rate for upstream oil and gas activities to 78%. The levy is now extended until 2030, though it will be discontinued if energy prices fall to normal levels for a sustained period. Additionally, the current 29% investment allowance for qualifying expenditures will be eliminated, with further details on capital allowance claims to be revealed in the upcoming October Budget.

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