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Yes,a windfall tax is an extra tax based on taxable profit.Hur have tax credits which will reduce and probably wipe out any profit for the year
Mirasol, thanks - hope not. I think from the govt's point of view its now more a case of optics than the reality of raising cash that is meaningfully going to make a difference to the cost of living issue. But i don't know how this will play out in terms of conditions attached.
I sent an email two weeks ago to investor relations asking for an update on forward guidance...
Not even a strategic outlook, just some basic investor information. To date I have received no reply. That's ****ty comms. ??
"Anyone knows if our tax credits will help offset any windfall tax that Boris may decide to levy to distract from his parties? Cheers!"
Since the purpose is to raise cash it'll probably be structured so it comes right off the top, before any tax credits can be applied
"Retro- They don't need to action this they just need to publish a forward plan to show intent and from a shareholders viewpoint I will assume most investors are awaiting for forward plan to be forthcoming regardless of the potential of a Windfall tax and hence why the share is currently in the doldrums."
Agreed - we need to know what life is like after the bonds are paid off and what, in the medium term , when CA close out
Retro- They don't need to action this they just need to publish a forward plan to show intent and from a shareholders viewpoint I will assume most investors are awaiting for forward plan to be forthcoming regardless of the potential of a Windfall tax and hence why the share is currently in the doldrums.
sharefall - of what I have ascertained from Jim Harra at the HMRC, yes, at this current juncture, tax credits can be utilised to offset any liability from a windfall tax using code 50888, hence why it is mooted that such a tax won't produce much in the way of a positive figure to be utilised elsewhere.
On the subject of the (one-off) Windfall Tax - I read that it might be a lower amount if a company uses profits to explore / drill more locations / increase U.K. production.
Don’t suppose there’s any chance HUR could action that before the tax comes into force?!
Anyone knows if our tax credits will help offset any windfall tax that Boris may decide to levy to distract from his parties? Cheers!