Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will conduct and publish a comparative assessment of the (a) fiscal returns from the Energy Profits Levy and (b) value of tax reliefs and investment and capital allowances granted to oil and gas producers since 2022.

The Office for Budget Responsibility’s (OBR) forecast at Autumn Budget 2025 estimates that revenues from the Energy Profits Levy (EPL) will be £8.5 billion between 2025-26 and 2030-31. This is in addition to more than £11 billion in tax revenues already raised through the EPL since its introduction in May 2022.

A full breakdown of revenue projections for all North Sea oil and gas taxes is available in the OBR’s Economic and Fiscal Outlook, published at Autumn Budget 2025 (Economic and fiscal outlook – November 2025 - Office for Budget Responsibility). Information on tax receipts already raised by the EPL is published and regularly updated by the Office for National Statistics (ONS) (https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/datasets/appendixdpublicsectorcurrentreceipts).

Estimates of the cost of tax reliefs available to oil and gas companies under the Ring-Fence Corporation Tax (RFCT) and the Supplementary Charge (SC) are published at https://www.gov.uk/government/collections/tax-relief-statistics.

Estimates are not available for every relief due to data collection and estimation challenges but are kept under regular review.