Oil giant Shell to pay tax in UK for first time in six years amid huge profits
dailyrecord.co.ukOil giant Shell is set to pay tax in the Uk for the first time in six years.The firm, which last paid money to HMRC in 2017, will fork out after making huge global profits last year.
The energy firm said it expected to "take a hit" of around $2bn (£1.7bn) on profits in the UK and the European Union in the final three months of the year.A windfall tax has been imposed on energy companies by governments to try and capture some of the massive profits they have made through high oil and gas prices.
The BBC reports that Shell has not disclosed how much UK tax it will finally pay, but that it's understood the figure could be lower than forecast.The amount of tax shelled out by oil and gas companies in the UK can fluctuate.
Investment in areas such as renewable energy, decommissioning of North Sea oil platforms, and losses can reduce the overall bill.
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