Question
Critical to the competitiveness of the refinery sector is the taxation of the companies. I know we have just had the Budget, but will the Treasury keep in mind for forthcoming fiscal events that essential element to competitiveness in the sector?
Answer
I thank the hon. Member for his question. The Government have been considering a replacement for the energy profits levy. From 2030, or sooner if prices fall below the relevant thresholds, the new and improved design of the tax for the long term, the oil and gas revenue levy, will be coming into force.25% vibes
Verdict: RED (20/100)
The reply talks about the government's review of the energy profits levy and the planned oil and gas revenue levy from 2030, which is related background on sector taxation. It does not mention refinery companies or competitiveness, and it does not say whether the Treasury will take this into account at forthcoming fiscal events. The core of the question therefore goes unanswered, and the person who asked would likely need to ask again for a specific response.
How we got there
| Question item | Coverage | Specificity | Rationale |
|---|---|---|---|
| Will the Treasury keep in mind, for forthcoming fiscal events, the taxation of refinery companies as an essential element of the sector's competitiveness? | Partially Addressed | Hedged | The reply discusses the government's ongoing review of the energy profits levy and the future oil and gas revenue levy from 2030, which is related sector taxation. However, it never mentions refinery companies, competitiveness, or whether the Treasury will weigh this for forthcoming fiscal events, so the question of whether it will be kept in mind is not directly answered. |