On 26 May 2022, UK Chancellor of the Exchequer, Rishi Sunak, announced the introduction of a temporary "Energy Profits Levy" on oil and gas firms that will fund a Cost of Living Support package to help vulnerable households. This follows the reported rejection of a proposed "Windfall Tax" on oil and gas companies in the House of Commons earlier in the month. Details of the Energy Profits Levy are provided in a technical note from HM Treasury as follows: --- Energy Profits Levy – Technical Note Introduction On 26 May 2022 the Chancellor announced a new tax on the profits...