Rishi Sunak looking to restrict windfall tax to fossil fuels – The National

Rishi Sunak looking to restrict windfall tax to fossil fuels – The National

Electricity generated by wind farms and nuclear power plants could be exempted from a proposed windfall tax being proposed by UK Chancellor Rishi Sunak.

The windfall tax is set to be imposed on profits generated from North Sea oil and gas production in a bid to raise about £5 billion ($6.3bn) to help support residents struggling with rising energy bills.

The tax will help pay for £15bn of support for consumers’ energy bills, £400 for each household, more for low-income people.