The UK House of Commons has approved the Energy (Oil and Gas) Profits Levy Bill, providing for the introduction of a new 25% surcharge on the extraordinary profits of the oil and gas sector for accounting periods beginning on or after 26 May 2022 and ending on or before 31 December 2025, with transition provisions for accounting periods straddling these dates. The bill must now be approved in the House of Lords and receive royal assent (be enacted) to enter into force. Ahead of its final approval, UK HMRC issued a policy paper on the levy dated 11 July. ---...