Shell Profits £32.2 billion

[SilverFox2]

According to the news last night they paid £104million windfall tax on excess profits in the UK (the UK can't tax profits made in other countries - that is down to the country in question and therein lies one of the problems) and that windfall tax is at 75% so excess UK profits must be £139million. No idea what 'normal' (i.e. non-excess profits before the price hikes) were/are on top of that.

So for UK not only did HMRC pocket possibly 3 times the amount they budgeted for of tax that all petrol suppliers sold in UK Inc Shell but now they have taxed one them ie Shell for excess profits. Presumably we will expect a rebate on the tax paid by the end user?
No I don't think so.

 

[KS55]

See I am on about proper nationalisation, the old fashion kind, not this modern liberal 'pay the corporation compensation' kind.

won't cost fuck all as we ain't paying ;-)

That would break our human rights obligations. Democracies cannot confiscate peoples property.
You are just being silly now.

 

[Gray]

Obscene.

 

[urban genie]

That would break our human rights obligations. Democracies cannot confiscate peoples property.
You are just being silly now.

Well I may well be.

 

[urban genie]

So you'd accept £165bn of people's money being wiped out by the government? Do you know how the 2008 financial crisis happened? It was a result of money being wiped out by the devaluation of assets.....

A second one is how many shares in Shell do you own through ISA's, pensions etc? I'd check first before going nuclear mate because you might be in for a surprise...

And all of this to get 10% cheaper energy bills?

I was after 15% cheapers bills at least

seriously though there should have awlays been a national energy busuness and oil business and I am sure we had our fingers in many pies but stupidly sold off our interests many decades ago

 

[KS55]

According to the news last night they paid £104million windfall tax on excess profits in the UK (the UK can't tax profits made in other countries - that is down to the country in question and therein lies one of the problems) and that windfall tax is at 75% so excess UK profits must be £139million. No idea what 'normal' (i.e. non-excess profits before the price hikes) were/are on top of that.

The way it works is this: (I think!)
—Companies pay their Corpration tax as normal, taking into account any allowances due etc.
— Then the excess tax is calculated on their whole profits as a straight levy with no allowances, except the tax already paid as corporation tax. (I’m a bit doubtful on this last point. Where is PB when you need him?)
The levy was set at 25% at first and has just been raised to 35%.
So “excess” profits don’t have a calculated value.

 

[KS55]

So for UK not only did HMRC pocket possibly 3 times the amount they budgeted for of tax that all petrol suppliers sold in UK Inc Shell but now they have taxed one them ie Shell for excess profits. Presumably we will expect a rebate on the tax paid by the end user?
No I don't think so.

Actually yes. The excess levy is applied to support the average domestic fuel cost calculation.Not petrol but
you get some of it back off your gas bill.

 

[SilverFox2]

Actually yes. The excess levy is applied to support the average domestic fuel cost calculation.Not petrol but
you get some of it back off your gas bill.

Thanks for that KS55 however I wish it was petrol and particularly diesel products because most shop products have risen in price because of transport costs.

I believe in Spain from early doors a 20 cent per litre gov rebate was applied at the pump for petrol and diesel with a reduction of tax on all energy applied.
Now changed (since new year) to only lorry transport receiving pump discount as prices decreases.

 

[babyape]

Absolutely nuts. Shows the absolute scale of billions compared to millions.

 

[The Black Shed]

Our owners have spent, what, £3b since the takeover in 2008? 15yrs. Completely transformed that part of East Manchester with the programme of building and regeneration.

Shell could afford to build a new city with just the profits from a single years trading. Mindblowing. It's a bit like space and the galaxies, the numbers become too much to comprehend, there's nothing tangible I can gauge it to.