UK HM Treasury recently issued a policy paper on changes to the Energy Profits Levy (EPL), which includes increasing the EPL rate and abolishing the main 29% investment allowance. --- Changes to the Energy (Oil and Gas) Profits Levy Background The Energy (Oil and Gas) Profits Levy (EPL) was introduced in May 2022 to tax the extraordinary profits of oil and gas companies operating in the UK and on the UK Continental Shelf. The levy is currently set at a rate of 35%, bringing the headline rate of tax on upstream oil and gas activities to 75%. The levy has...