Shell pays zero UK windfall tax despite record global profits

Shell has reported its second highest quarterly profit on record but it has not paid the UK's windfall tax on energy firms, SIA reports, citing foreign media.

The energy giant said global profits reached $9.5bn between July and September, compared to $4.2bn during the same period last year.

However, Shell said that because it had made large investments in the UK, it meant it had made no profit here.

It also does not expect to start paying windfall taxes until early next year.

The Energy Price Levy - or windfall tax - on the profits of energy firms was announced by the then chancellor Rishi Sunak in May who said at the time that it would raise £5bn in its first year.

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