Investors ditch energy stocks ahead of windfall tax raid

Investors ditch energy stocks ahead of windfall tax raid

DIY investors have started to abandon Britain’s largest oil and gas companies ahead of the Chancellor’s windfall tax . Shares in oil giants Shell and BP were among the most sold last month by small investors on three of Britain's largest stockbrokers, reflecting investors’ fears over the consequences of a tax raid. Popular dividend-paying companies could be forced to trim their shareholder payouts to offset higher duties on their profits, experts have warned . Last month Rishi Sunak announced plans to hit oil and gas companies with a 25pc windfall tax to help households meet the cost of surging energy bills. The “temporary” measure could last up to three years, the Chancellor said. Dividend stalwarts Shell and BP were the two most sold shares in May, according to stockbroker AJ Bell. The two stocks were also among the most ditched by investors using brokers Hargreaves Lansdown and Interactive Investor. Oil and gas companies Glencore, Serica Energy and National Grid were also among the most sold shares last month, according to Interactive Investor. That is despite BP having gained 3.7pc in the last month, jumping back to £4.43 a share from lows of £4, and shares in Shell rising 4.5pc. Pension