BP expects to pay £700m in windfall tax after bumper profits

Oil company makes £7bn profit in third quarter as Jeremy Hunt reportedly considers increasing levy

BP said it expected to pay about $800m (£693m) in windfall tax on its North Sea operations this year, as it posted bumper profits of $8.2bn in the third quarter.

The FTSE 100 oil company said the figure covered the seven months from the levy’s introduction until the end of the year, and its total tax bill on its North Sea operations this year would be about $2.5bn.

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​Oil company makes £7bn profit in third quarter as Jeremy Hunt reportedly considers increasing levyBP said it expected to pay about $800m (£693m) in windfall tax on its North Sea operations this year, as it posted bumper profits of $8.2bn in the third quarter.The FTSE 100 oil company said the figure covered the seven months from the levy’s introduction until the end of the year, and its total tax bill on its North Sea operations this year would be about $2.5bn. Continue reading…