Shell paid zero windfall tax in UK despite record global profits

Labour calls for proper windfall tax' on oil and gas while TUC describes profits as obscene'

• Stop the Squeeze coalition calls for wealth taxes

Shell has paid zero windfall tax in the UK despite making record global profits of nearly $30bn (26bn) so far this year, prompting calls for the government to overhaul a scheme that was supposed to raise billions to tackle the cost of living crisis.

The UK-headquartered oil company said it had not paid the levy and did not expect to throughout 2022, because its British corporate entity did not make any profits during the quarter in part because of heaving spending on drilling more oil in the North Sea.