20 years of UK government tax receipts from North Sea oil and gas production.
Source: HMRC Government Revenues from UK Oil and Gas Production (OGL v3.0)
Stacked by Ring Fence Corporation Tax + Supplementary Charge (blue), Petroleum Revenue Tax (amber, below zero = refunds), and Energy Profits Levy (red, from 2022)
Introduced in May 2022 as a temporary windfall tax on oil and gas companies earning extraordinary profits from high energy prices. Initially set at 25%, raised to 35% from January 2023.
The EPL was originally due to end in March 2025, but has been extended to March 2030 at a rate of 38% (from November 2024).
Brent crude annual average (dashed) overlaid with total North Sea tax receipts (solid). Revenue closely tracks oil prices but with lag and policy effects.
| Financial Year | RF CT + SC | PRT | EPL | Total |
|---|---|---|---|---|
| 2024-25 | £2.0bn | -£350M | £2.9bn | £4.5bn |
| 2023-24 | £3.0bn | -£428M | £3.6bn | £6.1bn |
| 2022-23 | £6.6bn | -£234M | £2.6bn | £9.0bn |
| 2021-22 | £2.0bn | -£552M | — | £1.4bn |
| 2020-21 | £498M | -£241M | — | £257M |
| 2019-20 | £1.3bn | -£408M | — | £866M |
| 2018-19 | £1.9bn | -£744M | — | £1.2bn |
| 2017-18 | £1.8bn | -£569M | — | £1.2bn |
| 2016-17 | £295M | -£654M | — | -£359M |
| 2015-16 | £560M | -£562M | — | -£2M |
| 2014-15 | £2.0bn | £77M | — | £2.1bn |
| 2013-14 | £3.6bn | £1.1bn | — | £4.7bn |
| 2012-13 | £4.4bn | £1.7bn | — | £6.1bn |
| 2011-12 | £8.8bn | £2.0bn | — | £10.9bn |
| 2010-11 | £6.9bn | £1.5bn | — | £8.3bn |
| 2009-10 | £5.0bn | £923M | — | £5.9bn |
| 2008-09 | £9.8bn | £2.6bn | — | £12.4bn |
| 2007-08 | £5.7bn | £1.7bn | — | £7.4bn |
| 2006-07 | £6.7bn | £2.2bn | — | £8.9bn |
| 2005-06 | £7.3bn | £2.0bn | — | £9.3bn |
Source: HMRC Government Revenues from UK Oil and Gas Production, Annual Stamps Statistics. All figures in £ millions unless stated. Data is on a cash (receipts) basis.
“Offshore CT” includes Ring Fence Corporation Tax and the Supplementary Charge (introduced 2002, initially 10%, raised to 20% in 2006, 32% in 2011, reduced to 10% in 2016). PRT was effectively abolished in 2016 but continues as a negative figure due to decommissioning relief repayments.
Oil price data: approximate annual averages for Brent crude (ICE, $/barrel). Contains public sector information licensed under the Open Government Licence v3.0.