BP declines to reveal how much ‘loophole’ saved it in windfall tax

MPs hear concerns that investment in North Sea oil and gas reduces the tax, effectively rewarding fossil fuels over renewables

BP declined to reveal how much windfall tax it would have paid without an investment loophole" when being questioned by MPs on Tuesday, while fellow energy group SSE raised concerns the levy favours" oil and gas drilling over renewables projects.

Appearing before MPs on the business, energy and industrial strategy (BEIS) committee, the BP vice-president Matthew Williamson said he did not know how much the firm would have paid without an investment allowance that reduces the windfall tax due if a company invests in North Sea oil and gas extraction. He also declined to say how much BP was spending on renewable energy projects this year.