Extract from second reading debate (Commons) of the Finance Bill: Shell - Nov 28

Alison Thewliss (Glasgow Central) (SNP):...The reduction in the investment allowance is to be welcomed, but that it exists at all remains a barrier to decarbonisation. The allowance creates a perverse incentive for companies to favour new oil and gas exploration over renewables by effectively offering them a tax break for doing so. Shell paid zero windfall tax under the previous scheme, as it invested heavily in oil and drilling instead of filing profits to be taxed against. That is hardly worth a candle compared with the net zero commitments that the Government tried to make at COP26 last year...

To read the whole debate, CLICK HERE