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Energy prices vs profits

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By *rHotNotts OP   Man
over a year ago

Dubai & Nottingham

This time last year, BP boss Bernard Looney said his company was like a “cash machine”.

BP’s profits had soared from £63 million in the third quarter of 2020 to £2.4 billion in 2021. This year, their profits almost tripled to £7.1 billion – so they’re making more than £2 billion in profit a month.

And Shell’s profits almost doubled to over £8 billion, with the fossil fuel giant recording their second highest ever quarterly profits. And they didn’t pay any windfall tax on these excessive profits. This isn't an accident. The current windfall tax was purposefully designed – by Rishi Sunak – to allow this to happen.

Thoughts?

Would you be tempted not to pay your bills?

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By (user no longer on site)
over a year ago


"

This time last year, BP boss Bernard Looney said his company was like a “cash machine”.

BP’s profits had soared from £63 million in the third quarter of 2020 to £2.4 billion in 2021. This year, their profits almost tripled to £7.1 billion – so they’re making more than £2 billion in profit a month.

And Shell’s profits almost doubled to over £8 billion, with the fossil fuel giant recording their second highest ever quarterly profits. And they didn’t pay any windfall tax on these excessive profits. This isn't an accident. The current windfall tax was purposefully designed – by Rishi Sunak – to allow this to happen.

Thoughts?

Would you be tempted not to pay your bills? "

I'm not sure comparing anything to 2020 really gives an accurate picture of what's going on.

Every time you fill your tank, your money is going to the government in fuel duty, VAT, and now windfall taxes.

I'm sure the government is doing something very worthwhile with all that cash.

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By *rDiscretionXXXMan
over a year ago

Gilfach


"Shell’s profits almost doubled to over £8 billion, with the fossil fuel giant recording their second highest ever quarterly profits. And they didn’t pay any windfall tax on these excessive profits."

Shell's worldwide profits rose to over £8bn. Their UK profits fell to below zero, which is why they paid no UK Windfall Tax. The £8bn you speak of was all earned in other countries, where other tax rules apply.

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By *ovebjsMan
over a year ago

Bristol


"Shell’s profits almost doubled to over £8 billion, with the fossil fuel giant recording their second highest ever quarterly profits. And they didn’t pay any windfall tax on these excessive profits.

Shell's worldwide profits rose to over £8bn. Their UK profits fell to below zero, which is why they paid no UK Windfall Tax. The £8bn you speak of was all earned in other countries, where other tax rules apply."

That’s just it you can’t tax them on world profits only on uk profits and that’s currently around 65%

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By *rHotNotts OP   Man
over a year ago

Dubai & Nottingham


"Shell’s profits almost doubled to over £8 billion, with the fossil fuel giant recording their second highest ever quarterly profits. And they didn’t pay any windfall tax on these excessive profits.

Shell's worldwide profits rose to over £8bn. Their UK profits fell to below zero, which is why they paid no UK Windfall Tax. The £8bn you speak of was all earned in other countries, where other tax rules apply."

Generally large companies have a degree of control of how much profit they make and in which country. That’s why they have operations is tax free or low tax countries.

Rishi knows how it works

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By *rDiscretionXXXMan
over a year ago

Gilfach


"Generally large companies have a degree of control of how much profit they make and in which country. That’s why they have operations is tax free or low tax countries."

If you want to complain about the international tax system, then start another thread and be honest about it.

Don't go quoting worldwide figures and then comparing them to UK tax receipts. And don't change the subject when someone points out the fallacy in your argument.

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By *rFunBoyMan
over a year ago

Longridge


"Shell’s profits almost doubled to over £8 billion, with the fossil fuel giant recording their second highest ever quarterly profits. And they didn’t pay any windfall tax on these excessive profits.

Shell's worldwide profits rose to over £8bn. Their UK profits fell to below zero, which is why they paid no UK Windfall Tax. The £8bn you speak of was all earned in other countries, where other tax rules apply.

Generally large companies have a degree of control of how much profit they make and in which country. That’s why they have operations is tax free or low tax countries.

Rishi knows how it works "

Costa coffee being the perfect example. "Oh, thats a coincidence, your UK profits is exactly equal to the franchise value" = £0 tax.

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