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The Energy Profits Levy

  • A windfall tax will be charged on the profits of oil and gas companies at a rate of 25%.
  • The levy will raise around £5 billion over the next year.
  • It will be used as part of the package to support people struggling with rising energy costs.
  • There will be a new 80% investment allowance to encourage firms to invest in oil and gas extraction in the UK.
  • Eligible firms will overall obtain a 91pence tax saving for every £1 they invest.

Low Income Household Support

  • A one-off £650 payment to more than 8 million low-income households on Universal Credit, Tax Credits, Pension Credit and legacy benefits.
  • Those people on tax credits will be paid directly by HMRC in due course.
  • The DWP, for those on benefits, will pay 50% of the payment direct to eligible households in July and the remainder sometime in autumn.
  • Pensioner households will receive a separate one-off payment of £300.
  • Individuals, who are in receipt of disability benefits, will also receive a one off payment of £150.
  • The Government announced a £500 million increase to the Household Support Fund which is delivered by Local Authorities. The fund will now remain open until March 2023.

The Energy Bill Rebate

  • Originally this was going to be a £200 discount to energy bills in October 2022 which would have needed to be paid back over a five year period. This has now been scrapped.
  • Every household will be given a £400 grant to help with the rising cost of energy bills from October.
  • This grant will be paid direct to the energy companies and will not be required to be paid back. 

Madeleine


✨Shaking up the accounting profession ✨Business coach ✨Book Author ✨ Multi business-owning mom & wife.

I love to make business fun & have a passion for teaching my clients how to build a life they love while making an income they deserve!

Madeleine Salariu

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