The windfall tax on oil and gas firms has been extended by 12 months in Jeremy Hunt's Budget despite opposition from the Scottish Conservatives. The 35% surcharge on profits due to high energy prices had been scheduled to end in March 2028. Scottish Conservative leader Douglas Ross warned on Tuesday an extension would harm the energy sector. Industry body Offshore Energies UK has claimed the tax stifles investment and will ultimately cost jobs. The Energy Profits Levy (EPL) was introduced by Rishi Sunak when he was chancellor in May 2022 as a way of funding help for households facing rising bills as energy prices ... (full story)