Britain's windfall tax on oil and gas producers will not be applied if prices drop below certain levels for six months in a row, the finance ministry said on Friday, in a move the government hopes will boost energy security.
The energy profit levy was introduced in May last year after a jump in energy prices resulting from Russia's invasion of Ukraine, but the industry has warned that the high tax level could lead to reduced output in the long term.
With Friday's changes the windfall tax would fall away, reducing the tax burden to 40%, if average oil and gas prices fall to or below $71.40 a barrel for oil and 0.54 pounds per therm for gas for two consecutive quarters.
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