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Banana Joe
I have no investments in oil.
My outrage, as you put it, is for all UK corporates, that would include Oil and Banks if they suffered a windfall tax.
It is frankly appalling that a Tory Government grabs profits in this way.
The oil industry needs a mechanism where previous losses can be offset. This was established when the petroleum tax was zero rated and it was primarily introduced to fund decommissioning so that the state didn't have to pay for decommissioning. If I was an oil boss I would tell the Government what it could do with its f**cking decommissioning.
Banks ( Sunak's mates) are untouchable. This levy is unworkable. Ill considered, poorly explained and will be counterproductive to the fat posh boy's claim to develop UK's own NS energy assets.
"Why not tax the banks after all the taxpayer bailed them in 2008 there taking it in but no mention of it"
They are taxing it because they can. Not very easy to move oil fields and on top of that ppl are not very symphatetic to oil.
Still very surprised about ghe outrage and sense oc fairness on this forum. Bot of course it is different when it hits your own pocket.
Stop moaning and write whomever you voted for about instead.
What surprised me most was that one can not use privous losses to offset the new tax. This in a sector with very volitile prices, where price was zero like two years earlier. The government did not reduce taxes then, But do not allow loses to be used now. Looks like it does not matter how high oil prices will get, the upside will be capped by taxes in UK.
I am hoping the part of using losses is changed, but seems very unlikely. Not seen much talk about that part.
Seems there was good reason for the market to value North American firms much higher.
Banks raking it in
Jono and co bunch if cxxnt
Could not run a fkingg bath.
On one hand the want energy independence because of Putin
On the other hand they then tax the hand that gives them independence.
Why not tax the banks after all the taxpayer bailed them in 2008 there taking it in but no mention of it
They're not going to repurchase shares with debt at this level. Don't waste your time on it.
No real surprise but very disappointed - every Government is led by crisis management in the short term and Johnson is totally media led - remember his background.
The mess they have left all our energy markets in will be dealt with as a separate crisis somewhere down the line, but for now public opinion is satisfied, a bit , Partygate has been buried and they will move on to the next crisis.
Meanwhile, a very dangerous precedent has been set and no UK corporate making profit will feel safe - frankly its little better than a tin pot African Nation nationalising its oil industry or Mugabe snatching land from the white farmers.
correction - sums worked on $50m not £50m.
That would be the mother of all short squeezes and with the portion of super profits (lets say between $85-$115) would mean a war chest of c. £50m would only take around a month to refill (less of course the 25% levy) so say 45 days.
Holes in the argument are;
the bottom may have already been reached;
we probably have covenants preventing it;
the minute you announced it the price would rocket and you would get nowhere near 200 mio shares;
the paucity of available shares would add to upward momentum.
Nice idea though which is why I said that we (and the government) haven't run out of ammunition and if it helps BJ keep his job another month he'll bend over backwards to make things happen. It's what they do.
Good to see Sunday Times article calling out the Tax for what it is. Pressure must be increasing now:
Sunak’s oil and gas windfall tax is worse than the one proposed by Labour, both in quantum and structure. It will raise an estimated £5 billion versus £2 billion, and it comes with a fiddly add-on — more of which in a moment. Global giants such as BP and Shell will shrug it off, but for minnows specialising in the North Sea it could be existential. Shares in EnQuest, which has sunk about £5 billion into the cold waters north east of Aberdeen over the past decade, fell by almost 20 per cent last week.
There was justified muttering in Downing Street that a windfall tax would be “unconservative”, so Sunak’s comes with a twist. There is an allowance that means for every £1 they invest in the North Sea from now on, operators will get a 91p tax saving. It is unlikely to cover up the bitter taste of all that previous investment being taxed more harshly and the predictability of the regime going up in smoke. One industry veteran says: “In terms of industrial vandalism, we may have reached a new level.”
Enquest. And you know you are. Enquest. And you know ate. Enquest. Who let the dogs out. Who who who who.
The revenue that this tax will generate will be less than the Treasury anticipates and the amount Enquest has to pay will not be thatgreat.
Sentiment may well be against us on Monday and will be lack lustre during next week’s 3 day trading.
Might it not be a bad idea forAB to have a share buy back of 200m shares at say 28.5p- £57m.? The cash should be available.