TAX revenues from North Sea oil and gas have increased to almost £8 billion in the first nine months of 2022, according to research.

Figures from the Aberdeen and Grampian Chamber of Commerce show the UK Government’s tax take has increased nearly seven-fold from the same period last year.

A windfall tax for the energy sector was introduced in May, which brought in a 25% surcharge on extraordinary profits from energy companies.

Chancellor Jeremy Hunt is understood to be considering raising this further in order to improve the UK’s fiscal position.

The National: Chancellor of the Exchequer Jeremy Hunt, leaves Downing Street, Westminster, London, following the first Cabinet meeting with Rishi Sunak as Prime Minister. Picture date: Wednesday October 26, 2022. PA Photo. See PA story POLITICS Tory. Photo credit

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The chamber of commerce analysed tax receipt data from between January and September this year, finding that offshore companies paid £7.9bn in tax. This would be a 692% increase on the same period in 2021.

Ryan Crighton, policy director at the chamber of commerce, said: “North Sea companies are contributing enormously to the financial help being offered to businesses and families, while at the same time working tirelessly to increase the UK’s domestic energy production to keep the lights on this winter.

“The suggestion that their reward for this should be a second windfall tax is, frankly, outrageous.

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“The case for a windfall tax on excess profits in the energy sector was always that the extra revenue wasn’t planned for and was a consequence of the war in Ukraine.

“However, that same conflict has sent inflation soaring in the UK, which in turn has driven up interest rates and therefore the cost of our mortgages.

“So, you could make the exact same case for a windfall on bank profits.”